Richard Clarida, Vice Chairman of the Federal Reserve

  • Says he is very happy with fed's decisions from July and Septemberr
  • impeachment inquiry would not affect monetary policy
  • says negative rates abroad sent capital to the US and flattened the yield curve
  • says he felt a 25bp cut was appropriate in September
  • committee will be discussing appropriate level of reserves at oct meeting
  • current framework has served central bank well but officials are open to improvements
  • Fed will add to its 'tool kit' as needed
  • officials will certainly be discussing standing repo facility in our future meetings
  • there are pretty powerful global disinflation forces
  • financial conditions in the US have eased substantially this year, in part because of Fed's communication
  • says a lot of historical rules of thumbs about oil shocks are becoming irrelevant
  • President Trump's tweets do not effect monetary policy

And … no more to come - Clarida done.

Earlier comments:


FX not doing too much at all.