USD FOMC Member Quarles Speaks
Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy;
FOMC voting member Oct 2017 - Dec 2021;
- History
Expected Impact / Date | Description |
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Dec 2, 2021 | Due to deliver departing thoughts at the American Enterprise Institute, in Washington, DC. Audience questions expected; |
Oct 20, 2021 | Due to speak about the economic outlook at an online event hosted by the Milken Institute. Audience questions expected; |
Oct 18, 2021 | Due to speak about the Financial Stability Board at the Bank of Spain's Third Conference on Financial Stability, in Madrid. Audience questions expected; |
Oct 5, 2021 | Due to speak about the Libor transition at the Structured Finance Association Conference, in Las Vegas. Audience questions expected; |
Jul 11, 2021 | Due to speak about the Financial Stability Board and climate change at the Venice International Conference on Climate Change, in Venice; |
Jun 28, 2021 | Due to speak about central bank digital currency at an online event hosted by the Utah Bankers Association. Audience questions expected; |
Jun 3, 2021 | Due to speak about financial regulation at an online conference co-hosted by the Securities Industry and Financial Markets Association and Bank Policy Institute. Audience questions expected; |
Jun 1, 2021 | Due to speak at an online event hosted by Politico; |
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- USD FOMC Member Quarles Speaks News
- From youtube.com/aei|Dec 2, 2021
Please join us for Federal Reserve Governor Randal K. Quarles’ final speech while at the Fed. He will discuss the Fed’s supervision and regulation, among other topics, and then take questions from AEI’s Michael R. Strain and the audience.
- From federalreserve.gov|Dec 2, 2021|1 comment
When I joined the Board of Governors as Vice Chair for Supervision in the fall of 2017, the Federal Reserve was in the latter stages of a decade-long effort to build a new financial regulatory framework, responding to the financial crisis of 2008. Yet, although the mortar was not yet dry on that construction project—based on the blueprint created by Congress, central banks, and supervisors around the world—there was already broad recognition across the political spectrum that the framework could be improved upon, based on the experience of how it had worked over the decade of its implementation. That was the judgement of the authors of the post-crisis blueprint, former Senator Chris Dodd and former Congressman Barney Frank.1 It was also the recommendation of one of my predecessors at the Fed, Dan Tarullo—a principal architect of this framework—who, in his final speech as a Fed governor, proposed several significant changes.2 I came to the Fed in order to take on that task of making the system better: more simple, more efficient, more transparent. Congress also took up this effort in the broadly bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act, and we adjusted our regulatory framework to better align our requirements with the risk posed by firms to the financial system. We maintained and, in fact, raised regulatory standards for the most systemically important firms and simplified regulatory requirements for smaller firms without diminishing the resilience of the system as a whole. In the midst of our work to improve our framework, we faced the unique experience of the COVID event, which tested that resilience. This real-life stress test demanded emergency action with respect to our regulatory framework and more broadly, including through the establishment of 13 emergency lending facilities under our role as the lender of last resort to help stabilize the financial system. post at 11:01am: *QUARLES WARNS REGULATORS COULD STIFLE STABLECOIN INNOVATION VIA RULES 'OVERKILL' post at 11:00am: FED'S QUARLES SAYS BANKS SHOULD BE ALLOWED TO ENGAGE IN ACTIVITIES INVOLVING STABLECOINS ONCE 'LEGITIMATE CONCERNS' ON STABILITY AND CONSUMER PROTECTION ADDRESSED
- From @LiveSquawk|Oct 20, 2021
post at 1:14pm: Fed's Quarles: Must Allow More Time Before Thinking About Rate Hikes post at 1:16pm: *Fed's Quarles: If Inflation Stays at 4% Next Spring, Fed "Might Have to Reassess" Rate Rise Path post at 1:29pm: FED'S QUARLES: A MORE DETAILED LOOK AT THE RULES FOR THE NON-FINANCIAL BANK FINANCIAL SECTOR IS NEEDED TO ENSURE FINANCIAL STABILITY.
- From @DeItaone|Oct 20, 2021|3 comments
post at 1:00pm: *Fed's Quarles: Supports Tapering Fed Bond Buying Next Month post at 1:02pm: FED'S QUARLES: THE FED IS NOT BEHIND THE CURVE ON THE INFLATION FIGHT.How Long is Too Long? How High is Too High?: Managing Recent Inflation Developments within the FOMC’s Monetary Policy Framework Thank you to the Milken Institute for the opportunity to join you today. This morning I'd like to outline my view of current economic conditions and the economic outlook and then turn to the implications for monetary policy. In particular, with employment still well below its February 2020 peak, I will focus on how the escalation in inflation this year is testing the monetary policy framework adopted by the Federal Open Market Committee (FOMC) in August 2020.1 Outlook for Economic Growth Recent data suggest that growth in the third quarter is likely to be lower than we had expected, but the foundations remain in place for strong economic growth over the remainder of this year and next. Employment is growing, financial conditions are accommodative, businesses are investing, and households, in the aggregate, have a large stock of savings to draw on for future spending. Weaker growth in payrolls in August and September, along with uneven consumer spending in July and August, appear to reflect ongoing concerns in some parts of the country about the spread of COVID-19, especially in high-contact service industries. Supply bottlenecks and labor shortages that have been more widespread and persistent than many expected are camouflaging continued strong underlying demand for goods, services, and workers. Supply constraints are particularly evident in interest-sensitive parts of the economy, such as residential investment and vehicle sales, limiting the scope for additional monetary accommodation to stimulate activity in those sectors. I expect that these developments, however, have for the most part simply postponed activity temporarily and that robust growth will return in the coming months. There is evidence in recent weeks that we seem to be moving into a new phase of the economy. Nominal retail sales rose seven-tenths of 1 percent in September on the heels of a nine-tenths increase in August, an indication that consumers kept up their pace of spending. Robust business investment in equipment and intangibles continued in the second quarter, and indicators suggest another gain in the third quarter. Forward indicators of business spending and the need for firms to replenish depleted inventories point to strong investment into next year. The Labor Market Continues to Strengthen Without a doubt, the headline job gains in August post at 1:03pm: FED'S QUARLES: IF INFLATION DOES NOT RECEDE NEXT YEAR, OR IF EXPECTATIONS BECOME UNANCHORED, THE FED'S TOOLS CAN DRIVE INFLATION DOWN. post at 1:07pm: QUARLES: CURRENTLY, INFLATION HAS NOT BEEN TOO HIGH FOR TOO LONG
- From federalreserve.gov|Oct 18, 2021
Thank you, Pablo, for the kind welcome. It is an honor to be here at this important conference on financial stability. And it is great to be here in Madrid and see all of you in person. I commend the organizers for their attention to detail in bringing us together as we all emerge from the events of the last 18 months. I'm here with you today as the Chair of the Financial Stability Board (FSB), and today the FSB stands at an inflection point. From here, we can look back at the events and actions of the last 18 months to see what we ...
- From @FinancialJuice|Oct 5, 2021
post at 1:15pm: FED'S QUARLES: LIBOR'S REIGN WILL COME TO AN END SOON, AND WILL NOT RETURN.Goodbye to All That: The End of LIBOR Now that business travel has started to pick back up as we emerge from the COVID event, a prosaic but insistent problem has reappeared: what to read on a long plane flight. Like most of you, I try to get some work done—but, also like most of you, out of an amalgam of security concerns and indolence, I often don't succeed. Something must improve the hours, but Kant is a little heavy, P.G. Wodehouse a little light, and T.S. Eliot looks like you're just showing off. So, over the last few weeks, I've been re-reading Joan Didion while making my way from point A to point B: Slouching Toward Bethlehem, The White Album, and Where I Was From. As it turns out, Joan Didion is a particularly apt author to be reading on the way to this conference—not because the conference is being held in Las Vegas, although her four-page summation of this "most extreme and allegorical of American settlements" is a classic. But rather, because a nearly constant theme of her writing is change: how hard it is to recognize that things have changed; how hard it is to come to terms with it once recognized; how insistent people can be that surely, they will be OK. And given that introduction, I'm sure you have now guessed what I intend to talk to you about today: LIBOR, the benchmark formerly known as the London Interbank Offered Rate. LIBOR was the principal benchmark used to set interest rates for a vast number of commercial loans, mortgages, securities, derivatives, and other products. For a number of years—certainly at least since July of 2017, and really for several years before—it has been clear that LIBOR would end, but some believed it was not clear exactly when LIBOR would end. And, as a result, many market participants have continued to use LIBOR as if that end date would surely be in some indefinitely distant future, as if LIBOR would remain available forever. Earlier this year, however, things changed, and changed significantly. Two things happened which together make clear that LIBOR will no longer be available for any new contracts after the end of this year, just 86 days from now. First, the United Kingdom's Financial Conduct Authority (FCA), which regulates LIBOR, and ICE Benchmark Administration (IBA), which administers LIBOR, announced definitive end dates for LIBOR.1 No U.S. dollar LIBOR tenors will be available after June 30, 2023.2 So, now there was a definitive and immovable date fixed for the end of LIBOR. However, the second thing that happened made clear that long be
- From federalreserve.gov|Jul 11, 2021
Thank you for inviting me today. It is an honor to be here and, after more than a year of remote conversations, it is truly wonderful to see so many people in person. As Chair of the Financial Stability Board (FSB), I have the privilege of collaborating with the Italian G20 Presidency, the G20 Finance Ministers and Central Bank Governors, and with the FSB membership on the most pressing issues affecting financial stability.1 Among those issues, one of increasing focus is understanding and monitoring climate-related financial risks. ...
- From @FinancialJuice|Jun 28, 2021|1 comment
post at 1:41pm: FED'S QUARLES: THE FED IS ALSO AWARE THAT WE COULD BE MISTAKEN ABOUT INFLATION. post at 1:46pm:
If inflation does not settle back down closer to the 2% objective in a year, the Fed has the tools to address it.
In the fall, policies that impede employment will expire.
The Federal government has not set a precise aim for maximum employment.
Released on Dec 2, 2021 |
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