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:
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FX not doing too much at all.