DOCSLIB.ORG

Wage Inflation Is Beginning to Turn Up, but Yellen Will Still Run the Economy “Hot.”

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Wage Inflation Is Beginning to Turn Up, but Yellen Will Still Run the Economy “Hot.” Good News for the Fed Wage inflation is beginning to turn up, but Yellen will still run the economy “hot.” oming into to its March meeting, there was little mystery about what the Fed would do—nothing— but a lot of interest and a wide range of opinion By Richard H. Clarida about how it would communicate a decision to keep rates on hold. Speculation focused on three key communications: n The “dot plot”—that is, the Federal Open Market Committee participants’ assessments of the appropriate policy rate Cover the coming years; n The balance of risk assessment; and n The Summary of Economic Projections for inflation, unemploy- ment, and NAIRU (non-accelerating inflation rate of unemployment). The biggest surprise on Fed day was that the median of the dots now in- dicates only two more rate hikes for 2016, down from the four hikes in 2016 projected at December’s meeting. This had the effect of moving the Fed dot plot liftoff path for 2016 and 2017 closer to market pricing, but with the latter still well below the former. As for balance of risk, whereas in January the Fed said that it was “closely monitoring” global developments and was “assessing” their implications, in the March statement the Fed has apparent- THE MAGAZINE OF INTERNATIONAL ECONOMIC POLICY ly finished their assessment and now concludes that “global economic and 220 I Street, N.E., Suite 200 Washington, D.C. 20002 Richard H. Clarida is C. Lowell Harriss Professor of Economics and Phone: 202-861-0791 Fax: 202-861-0790 International Affairs at Columbia University and Global Strategic www.international-economy.com Advisor to PIMCO. He served as Assistant Secretary for Economic Policy [email protected] at the U.S. Treasury from February 2002 to May 2003. 44 THE INTERNATIONAL ECONOMY SPRING 2016 Clarida financial developments continue to pose risks.” The SEP projections now show somewhat less inflation Figure 1 The Fed wants to run the economy at least a little hot in 2016 and slightly less inflation in 2017 than was projected in December, and the median estimate 9 of NAIRU has shifted down by one-tenth of a per- centage point to 4.8 percent. What has attracted cent 8 somewhat less attention is that, notwithstanding , per te this downward adjustment to the NAIRU, the Fed 7 projects that its policy of increasing the Federal 6 yment ra Funds rate towards a “new equilibrium” destination at a “gradual” pace will continue to provide accom- 5 Unemplo modation sufficient to push the unemployment rate 4 2011 2012 2013 2014 2015 2016 2017 2018 Longer Run In other words, the Fed wants 3 to run the economy—at least 2 a little—hot and to keep the cent lation, per 1 unemployment rate “lower than PCE inf the NAIRU and for longer” than 0 2011 2012 2013 2014 2015 2016 2017 2018 Longer Run is typical in Fed rate hike cycles. Figure 2 PCE inflation running below Fed’s target below the NAIRU later this year and keep it there through at least 2018 (Figure 1). In other words, the 120 00) Fed wants to run the economy—at least a little— 115 Jan. 2012: Fed formally adopts a 2 percent inflation target hot and to keep the unemployment rate “lower than 110 the NAIRU and for longer” than is typical in Fed 105 rate hike cycles. ed (2009 = 1 100 Given the initial conditions that Janet Yellen y adjust 95 Price level consistent inherited upon becoming Fed chair in February with 2 percent inflation 2014 and the Phillips curve lens through which 90 85 she and key members of the Committee interpret , seasonall or PCE Price Deflator the labor market, setting a policy path that will al- lat 80 low the labor market to “run hot” is an understand- 75 able choice. As shown in Figure 2, U.S. inflation PCE def 70 1 11 10 as measured by the PCE deflator has consistently 12 13 14 15 996 997 998 999 remained below the Fed’s 2 percent target since 991 992 993 994 995 Dec-20 Dec-20 Dec-20 Dec-20 Dec-20 Dec-20 Dec-200 Dec-1 Dec-1 Dec-1 Dec-1 Dec-1 Dec-1 Dec-1 Dec-1 Dec-1 Dec-2002 Dec-2003 Dec-2004 Dec-2005 Dec-2006 Dec-2007 Dec-2008 Dec-2009 that target was first announced in January 2012. Dec-2000 In the Fed’s model, holding constant expected Continued on page 75 SPRING 2016 THE INTERNATIONAL ECONOMY 45 Neusser phenomenon given what’s at stake? After all, Germany’s migrants government subsidies, these affluent elites alle- éminence grise in all things economic, Hans-Werner viate their guilt while burdening middle-class taxpayers. Sinn, said in a recent interview with Die Welt that from The tragedy is that these actions have helped neither the an economic perspective, the cost of border patrol migrants nor the countries from where they came. The agents is only a fraction of the cost of the migrants. migrants are stuck in an environment that they seeming- There are several reasons. Among the ruling elites and ly are unable to assimilate into. Their countries of origin their affluent supporters, there is a feeling of guilt for are left without an element of their population that could having amassed so much wealth and security in post- bring about change. After all, people who emigrate tend World War II Europe. In Germany, there is also the to be those who are comparatively more willing to act feeling among the ruling classes and their affluent sup- for change. porters that Germany needs to amend for the horror the Any solution to this problem would have to start National Socialists inflicted on the whole continent and with a halt to Muslim immigration. History shows that beyond. Some suggest these affluent citizens are bored governing elites are too often plagued with paralysis, and are looking for something that adds meaning to their even if they are aware of a pending catastrophe. One just lives and at the same time alleviates the real or imagined has to read Barbara Tuchman’s book The March of Folly guilt they feel over their affluence and over Germany’s to see how slim the hope is that government officials past. With this in mind, the migrants look like a means have the courage and foresight to avoid a looming disas- of making amends. By providing shelter—preferably ter—outright civil war. I hope my Austrian friend and I in middle-class or poor neighborhoods—and by giving are wrong. u Clarida Continued from page 45 inflation, the only way to get inflation moving up to the 2 TIPS market fell below their historic averages in 2014 percent target is for the unemployment rate to be pushed and have remained below those averages since then. By below the NAIRU. projecting a baseline policy path for gradual lift-off with A second motive for the Fed to run the labor market a Fed Funds rate trajectory that is lagging behind pro- hot is, I suspect, driven by the Committee’s concern over jected inflation throughout 2016 and almost all of 2017, the Fed hopes to steer inflation expectations higher by projecting a baseline scenario for lift-off under which real interest rates at the short end of the yield curve will Setting a policy path that will allow remain negative for at least two years. A challenge the Fed will face as it tries to engineer a “dovish” rate hike cycle is that investors, households, and firms are condi- the labor market to “run hot” tioned by experience to associate Fed rate hike cycles with efforts by the Fed to either reduce inflation or, as was the case in 1994 and 2004, to prevent inflation from is an understandable choice. rising above 2 percent. Chair Yellen herself expressed during her press conference some doubts about the up- ward momentum in core inflation, saying, “I’m wary and haven’t yet concluded that we have seen any significant recent declines in various measures of inflation expecta- uptick that will be lasting in, for example, core inflation tions which have not in recent years respected the “hold- … [However] with continuing improvement in the labor ing constant” assumption. For example, both the respect- market, I think we will see upward pressure on inflation.” ed Michigan survey of household inflation expectations In August 2014, I published an essay entitled “Share as well as break-even inflation rates derived from the and Share Alike” in which I reported and interpreted the SPRING 2016 THE INTERNATIONAL ECONOMY 75 Clarida Importantly, this rise in labor’s share oc- Figure 3 Labor’s share of national income rising steadily curred before, and usually well before, 72 5 the business cycle peak and continued Labor Compensation Share as the economy fell into recession. The 71 of National Income (left scale) rise in labor’s share that occurs during 70 4 recessions is well known and is usually 69 attributed to the desire of firms to “hoard” labor initially in downturns as sales de- 68 3 Pe cline—holding off on firing workers until r cent cent r 67 the decline in demand is clearly expected Pe 66 2 to persist. What is less appreciated is the Core PCE Inflation phenomenon of labor’s rising share of in- 65 (right scale) come well in advance of the peak in eco- 64 NBER NBER NBER 1 Business Business Business nomic activity and for reasons unrelated Cycle Peak Cycle Peak Cycle Peak 63 (July 1990) (March 2001) (December 2007) to labor hoarding.
Load more

Recommended publications
  • Janet Yellen's Legacy at the Federal Reserve
    Journal of Finance and Bank Management December 2019, Vol. 7, No. 2, pp. 82-87 ISSN: 2333-6064 (Print), 2333-6072 (Online) Copyright © The Author(s). All Rights Reserved. Published by American Research Institute for Policy Development DOI: 10.15640/jfbm.v7n2a6 URL: https://doi.org/10.15640/jfbm.v7n2a6 Janet Yellen’s Legacy at the Federal Reserve Alexander G. Kondeas1 Abstract This paper examines the empirical results of the monetary policies followed by the Federal Reserve during the period of 2010-2018, when Janet Yellen served first as vice chair (2010-2014) and subsequently as chair (2014-2018) of the Federal Reserve Board of Governors. As the Central Bank of the United States, the Federal Reserve System (FED) is entrusted with conducting the monetary policy in a way that fulfills the Congressional dual mandate of price stability and full employment. Janet Yellen generally adhered to a dovish view of monetary policy, one that favors looser monetary control and lower interest rates in order to stimulate economic growth. At first glance, the dual mandate was satisfied during her eight years of progressively higher leadership roles at the FED. The economic recovery from the Great Recession (2007- 2008) continued, inflation remained tamed, and the rate of unemployment fell to its lowest level since 1970. Yet a closer look at consumer spending and private fixed investment indicate a sharp decline in the years following the Great Recession and until the end of Yellen’s term at the FED. It is difficult therefore, to argue that the loose monetary policies of her years in office had much of a stimulating effect on the household sector or the business sector.
    [Show full text]
  • Reforming the International Financial Architecture, 2011 Edition1
    Reforming the International Financial Architecture, 2011 Edition1 Barry Eichengreen May 2011 If U.S. President Clinton’s treasury secretary Robert Rubin is responsible for coining the phrase “international financial architecture” in a speech at the Brookings Institution in 1998, I deserve some of the blame for popularizing it.2 I used it in the title of my 1999 book, Toward a New International Financial Architecture, published by the Peterson Institute.3 I say blame because the term architecture conveys a rather misleading sense of the nature of the process. Mirriam-Webster’s on-line dictionary defines architecture as “a unifying or coherent form or structure” (as in “this novel displays an admirable architecture”).4 In other words, the term implies a unity and coherence that financial markets, institutions and policies do not possess. Alternatively, Mirriam-Webster defines “architecture” as “a formation or construction resulting from or as if from a conscious act.” But many of our international arrangements have, in fact, evolved as unintended consequences of past actions rather than as the result of anyone’s conscious act, “as if” or otherwise. The post-Bretton Woods exchange rate system, starting in the 1970s and extending through the present day, was more the product of the inability of policy makers to agree on the form that the exchange rate system should take than the result of any conscious decision. Consider current efforts to strengthen the international financial architecture. Do they reflect conscious action and are they likely to deliver the unity and coherence connoted by the label? Conscious action there certainly is, but it is decentralized and imperfectly coordinated.
    [Show full text]
  • Fed Chair Power Rating
    Just How Powerful is the Fed Chair Fed Chair Power Rating Name: Date: Directions: Sports fans often assign a “power rating” to teams and players to measure their strength. In today’s activity, we will research some of the most recent chairs of the Federal Reserve and assign them “power ratings” to express how truly influential they have been in the United States economy. In this activity, we will judge each person’s prerequisites, ability to play defense and offense. Chair (circle one): Janet Yellen Ben Bernanke Alan Greenspan Paul Volcker 1. Prerequisites will be measured by academic background, research, and previous career qualifications. 2. Offensive acumen will be evaluated using the chair’s major accomplishments while in office and whether he/she was successful in accomplishing the goals for which he/she was originally selected. 3. Defensive strength will be determined by the chair’s ability to overcome obstacles, both in the economy and political pressures, while holding the chairmanship. 4. The chair in question may receive 1-4 points for each category. The rubric for awarding points is as follows: 1 - extremely weak 2 - relatively weak 3 - relatively strong 4 - extremely strong 5. BONUS! Your group may award up to 2 bonus points for other significant accomplishments not listed in the first three categories. You may also choose to subtract up to 2 points for major blunders or problems that emerged as a result of the chair’s policies. 6. This is a group activity, so remember that you and your team members must come to a consensus! Prerequisites Offensive Acumen Defensive Strength Other Details Power 1 2 3 4 1 2 3 4 1 2 3 4 -2 -1 0 +1 +2 Rating Overall Power Rating is __________________________________ 1 Just How Powerful is the Fed Chair Fed Chair Power Rating Strengths Weaknesses Overall Impression Janet Yellen Ben Bernanke Alan Greenspan Paul Volcker 2 .
    [Show full text]
  • August 5, 2021 the Honorable Janet Yellen Secretary of the Treasury
    August 5, 2021 The Honorable Janet Yellen The Honorable Katherine Tai Secretary of the Treasury United States Trade Representative 1500 Pennsylvania Avenue, NW 600 17th Street NW Washington, DC, 20220 Washington, DC 20508 Dear Secretary Yellen and Ambassador Tai: On behalf of the undersigned organizations, we write to express our support for continued engagement with China on trade and economic issues, including full implementation of the U.S.-China Phase One Trade Agreement (“Phase One”), and swift action to address the costly and burdensome tariffs and retaliatory tariffs. We support the Biden Administration holding China accountable to its Phase One commitments, and we strongly urge the Administration to work with the Chinese government to increase purchases of U.S. goods through the remainder of 2021 and implement all structural commitments of the Agreement before its two-year anniversary on February 15, 2022. The Chinese government has met important benchmarks and commitments made in the agreement that benefit American businesses, farmers, ranchers, and workers. For example, the commitment by China to open up its markets to U.S. financial institutions – and other U.S. financial service providers – reflects a hard-won U.S. achievement, and years of work by administrations of both parties. The chapter 3 commitments have been good for American agriculture, addressing most long-standing market access barriers. China has removed market access barriers for some U.S. fruits and grains and for nearly all U.S. beef products, as well as expanded its list of U.S. facilities eligible to export beef, pork, poultry, seafood, dairy, feed additives, and infant formula to China, among other actions.
    [Show full text]
  • Who Should Be the Next Fed Chairman?
    A SYMPOSIUM OF VIEWS THE MAGAZINE OF INTERNATIONAL ECONOMIC POLICY 888 16th Street, N.W. Suite 740 Washington, D.C. 20006 Phone: 202-861-0791 Fax: 202-861-0790 www.international-economy.com [email protected] Who Should Over the next several years, commentators will speculate Be the on the identity of the next Chairman of the Federal Reserve Board of Governors once Alan Greenspan’s Next Fed tenure ends in 2006. Instead of speculation centered on who is likely to be next, per- haps the initial question should relate to who should Chairman? assume the post many describe today as “central banker to the world”? 44 THE INTERNATIONAL ECONOMY FALL 2004 TIE ASKED DOZENS OF EXPERTS Among those mentioned as possible replacements:* Bob Rubin Martin Feldstein Larry Summers Ben Bernanke William McDonough Joseph Stiglitz Lawrence B. Lindsey Robert McTeer Janet Yellen Glen Hubbard David Malpass Robert Barro Ian Macfarlane Bill Gross *Note: Selections made prior to November 2 U.S. presidential election. FALL 2004 THE INTERNATIONAL ECONOMY 45 BARNEY FRANK Member, U.S. House of Representatives, and senior GEORGE SOROS Democrat on the Financial Chairman, Soros Fund Services Committee Management f John Kerry is elected President, I will urge strongly Bob Rubin is by far the most qualified. the appointment of Nobel Prize winner Joseph Stiglitz Ito chair the Fed. That position has become the single most influential office affecting national economic pol- icy, and Stiglitz’s commitment to and understanding of the importance of combining economic growth with a concern for economic fairness are sorely needed. Given the increasing role that globalization plays, his interna- tional experience is also a great asset.
    [Show full text]
  • Meet the New Boss, Same As the Old Boss (Part II)
    Samuel Miller CFA, CAIA Senior Analyst Deron T. McCoy CFA, CFP®, CAIA, AIF® Chief Investment Officer Meet the New Boss, Same as the Old Boss (Part II) Four years ago in our December 2013 SEIA Report titled, “The Federal Reserve: Meet the New Boss, Same as the Old Boss”, we offered reasons why analyzing the human makeup of the Board is so important (hint: they more or less set monetary policy for the world, affecting global capital markets everywhere). We opined that the new incoming Federal Reserve Chair Janet Yellen was very much in line with her predecessor and that her appointment was a “signal to all investors that easy monetary policy will be the policy of choice for the foreseeable future” and “short-term interest rates might be low for another three years extending through 2016.” We concluded by stating “Yellen’s policies should support ‘risk assets’ (Equities, High Yield Bonds, etc.) in the near term with her hopeful goal of higher inflation and economic overheating (not a typo) four years out which will in turn convolute her reappointment process (in 2017).” Four years have now passed and while we can claim victory on our assessment of the stock market, our view of an overheated economy came up a bit short. As such, the reappointment process caused nary a ripple in global markets as the new-new boss is the same as the old-old boss. Who is Jerome Powell? On November 2, 2017, President Trump nominated Jerome “Jay” Powell to be the next Fed chair, providing clarification for the market and lessening monetary policy uncertainty in the near and intermediate term.
    [Show full text]
  • What Have We Learned Since October 1979? by Alan S. Blinder Princeton
    What Have We Learned since October 1979? by Alan S. Blinder Princeton University CEPS Working Paper No. 105 April 2005 “What Have We Learned since October 1979?” by Alan S. Blinder Princeton University∗ My good friend Ben Bernanke is always a hard act to follow. When I drafted these remarks, I was concerned that Ben would take all the best points and cover them extremely well, leaving only some crumbs for Ben McCallum and me to pick up. But his decision to concentrate on one issue—central bank credibility—leaves me plenty to talk about. Because Ben was so young in 1979, I’d like to begin by emphasizing that Paul Volcker re-taught the world something it seemed to have forgotten at the time: that tight monetary policy can bring inflation down at substantial, but not devastating, cost. It seems strange to harbor contrary thoughts today, but back then many people believed that 10% inflation was so deeply ingrained in the U.S. economy that we might to doomed to, say, 6-10% inflation for a very long time. For example, Otto Eckstein (1981, pp. 3-4) wrote in a well-known 1981 book that “To bring the core inflation rate down significantly through fiscal and monetary policies alone would require a prolonged deep recession bordering on depression, with the average unemployment rate held above 10%.” More concretely, he estimated that it would require 10 point-years of unemployment to bring the core inflation rate down a single percentage point,1 which is about five times more than called for by the “Brookings rule of thumb.”2 In the event, the Volcker disinflation followed the Brookings rule of thumb rather well.
    [Show full text]
  • The Ben Bernanke and Janet Yellen Investment Portfolios | Seeking Alpha 7/31/15, 5:33 PM
    The Ben Bernanke And Janet Yellen Investment Portfolios | Seeking Alpha 7/31/15, 5:33 PM The Ben Bernanke And Janet Yellen Investment Portfolios "I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years" - Warren Buffett When it comes to financial security, one could argue that the chairman of the Federal Reserve Board of Governors would be a great role model to emulate. As an obligation of duty, the chairman and all members of the board are required to disclose their assets and income to the U.S. Office of Government Ethics. U.S. President Barack Obama made it clear that when Ben Bernanke's second term expires on 1-31-2014, there will be a new chairman of which current Vice Chairman of the Board of Governors, Janet Yellen, is the current front-runner. By analyzing their respective investment portfolios, one can gain insight into astute money management techniques as well as their individual stock selections. The Man On February 1, 2006, Ben Bernanke was sworn in as a 14-year term member of the Federal Reserve Board of Governors, as well as Fed Chairman, which was a 4-year term. U.S. President Bush appointed him just before the beginning of the Global Financial Crisis, where Bernanke, along with U.S. Treasury Secretary Henry Paulson and the president of the Federal Reserve Bank of New York Timothy Geithner organized the economic bailout that arguably sidelined a global depression.
    [Show full text]
  • Janet Yellen
    SESSION 4 (ROUND TABLE) TOWARDS WHICH INTERNATIONAL MONETARY SYSTEM? Janet Yellen Janet YELLEN Vice Chair of the Board of Governors Federal Reserve System Nearly four decades have elapsed since the demise of exchange rates, reserve accumulation, and other Bretton Woods, and during that time, the international shortcomings in the operation of the international monetary and fi nancial system has undergone a monetary system– put downward pressure on real signifi cant transformation. The changes that have interest rates, in turn boosting asset prices (particularly occurred refl ect deliberate policy choices by the for housing) and enhancing the availability of credit. offi cial sector as well as the organic interactions of These developments contributed signifi cantly to the investors, institutions, and advancing technologies. buildup of fi nancial imbalances, but they were not, Judging by the standards of global economic on their own, suffi cient to have engendered the growth, stable prices, and fi nancial stability, the massive fi nancial crisis we experienced. international monetary and fi nancial system, in its current incarnation, has a decidedly mixed record. Had the additional domestic credit associated with Wrenching crises and economic distress, notably these capital infl ows been used effectively, the including the diffi cult experience of the past several imbalances need not have led to fi nancial ruin. In years, have punctuated periods of solid growth, low the United States and other countries with current infl ation, and fi nancial stability. Thus, the subject account defi cits, however, borrowing too often of today’s discussion is vitally important, and I am supported excessive spending on housing and pleased to contribute my thoughts on steps we can consumption, rather than fi nancing productive take to improve our international economic order.1 investment.
    [Show full text]
  • Arthur Burns and G. William Miller: the Hapless Inflators
    Excerpt from Fed Watching for Fun and Profit Edward Yardeni March 2020 Chapter 3 Arthur Burns and G. William Miller: The Hapless Inflators Fueling the Great Inflation Arthur Burns served as Fed chair from February 1, 1970 to January 31, 1978 under Presidents Richard Nixon, Gerald Ford, and Jimmy Carter. Burns was an academic, and the first PhD macroeconomist to head the Fed. He taught economics at both Rutgers University (starting in 1927) and Columbia University (1945), having earned his PhD at the latter. As a doctoral student at Columbia, Burns studied under Wesley Clair Mitchell, a founder of the National Bureau of Economic Research (NBER) and its chief researcher. Mitchell brought Burns into the NBER, where Burns began his lifelong research into the business cycle. Together, in 1946, they published Measuring Business Cycles, which introduced the characteristic NBER methods of analyzing business cycles empirically.32 It was Burns who started the NBER’s academic tradition of determining recessions—a role that has been continued by the organization’s Business Cycle Dating Committee. The NBER remains the preeminent authority on dating recessions.[33] Burns served as president and chair of the NBER at points throughout his teaching career. He also chaired the Council of Economic Advisers (CEA) from 1953 to 1956 under President Dwight Eisenhower. The CEA was established by the Employment Act of 1946, which stated that it is the responsibility of the federal government to create “conditions under which there will be afforded useful employment for those able, willing, and seeking work, and to promote maximum employment, production, and purchasing power.” The CEA was created to help President Eisenhower and successive Presidents make sure another Great Depression would never happen.
    [Show full text]
  • FEDERAL RESERVE SYSTEM the First 100 Years
    FEDERAL RESERVE SYSTEM The First 100 Years A CHAPTER IN THE HISTORY OF CENTRAL BANKING FEDERAL RESERVE SYSTEM The First 100 Years A Chapter in the History of Central Banking n 1913, Albert Einstein was working on his established the second Bank of the United States. It new theory of gravity, Richard Nixon was was also given a 20-year charter and operated from born, and Franklin D. Roosevelt was sworn 1816 to 1836; however, its charter was not renewed in as assistant secretary of the Navy. It was either. After the charter expired, the United States also the year Woodrow Wilson took the oath endured a series of financial crises during the 19th of office as the 28th President of the United and early 20th centuries. Several factors contributed IStates, intent on advocating progressive reform to the crises, including a number of bank failures, and change. One of his biggest reforms occurred which generated waves of bank panics and on December 23, 1913, when he signed the Federal economic instability.2 Reserve Act into law. This landmark legislation When Jay Cooke and Company, the nation’s created the Federal Reserve System, the nation’s largest bank, failed in 1873, a panic erupted, leading central bank.1 to runs on other financial institutions. Within months, the nation’s economic problems deepened as silver A Need for Stability prices dropped after the Coinage Act of 1873 was Why was a central bank needed? The nation passed, which dampened the interests of U.S. silver had tried twice before to establish a central bank miners and led to a recession that lasted until 1879.
    [Show full text]
  • The Economic Outlook with Federal Reserve Chair Janet Yellen
    S. HRG. 115–149 THE ECONOMIC OUTLOOK WITH FEDERAL RESERVE CHAIR JANET YELLEN HEARING BEFORE THE JOINT ECONOMIC COMMITTEE CONGRESS OF THE UNITED STATES ONE HUNDRED FIFTEENTH CONGRESS FIRST SESSION NOVEMBER 29, 2017 Printed for the use of the Joint Economic Committee ( U.S. GOVERNMENT PUBLISHING OFFICE 28–362 WASHINGTON : 2018 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Sep 11 2014 10:03 Feb 13, 2018 Jkt 028423 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 C:\DOCS\28362.TXT SHAUN LAP51NQ082 with DISTILLER JOINT ECONOMIC COMMITTEE [Created pursuant to Sec. 5(a) of Public Law 304, 79th Congress] HOUSE OF REPRESENTATIVES SENATE PATRICK J. TIBERI, Ohio, Chairman MIKE LEE, Utah, Vice Chairman ERIK PAULSEN, Minnesota TOM COTTON, Arkansas DAVID SCHWEIKERT, Arizona BEN SASSE, Nebraska BARBARA COMSTOCK, Virginia ROB PORTMAN, Ohio DARIN LAHOOD, Illinois TED CRUZ, Texas FRANCIS ROONEY, Florida BILL CASSIDY, M.D., Louisiana CAROLYN B. MALONEY, New York MARTIN HEINRICH, New Mexico, Ranking JOHN DELANEY, Maryland AMY KLOBUCHAR, Minnesota ALMA S. ADAMS, PH.D., North Carolina GARY C. PETERS, Michigan DONALD S. BEYER, JR., Virginia MARGARET WOOD HASSAN, New Hampshire WHITNEY K. DAFFNER, Executive Director KIMBERLY S. CORBIN, Democratic Staff Director (II) VerDate Sep 11 2014 10:03 Feb 13, 2018 Jkt 028423 PO 00000 Frm 00002 Fmt 5904 Sfmt 5904 C:\DOCS\28362.TXT SHAUN LAP51NQ082 with DISTILLER C O N T E N T S OPENING STATEMENTS OF MEMBERS Hon.
    [Show full text]