Speaking in New York

  • Says newly nominated Fed Chair Powell will do just fine
  • US economy is on a much more even keel
  • He's a big fan of Jay Powell and Randy Quarles; Really high quality people
  • expects smooth transition between Yellin and Powell
  • Current committee is really very much of the same
  • bank stress tests are going to remain very stressful
  • Can look if stress tests can be done more efficiently
  • US deficit suggests there is little fiscal capacity to deal with economic downturn