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MNI PODCAST: FedSpeak- Stein Sees Gradual Cuts, Sticky Prices

MNI speaks with former Fed governor Jeremy Stein.

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EXCECUTIVE SUMMARY

  • Former Fed board governor Jeremy Stein thinks markets overreacted to one bad unemployment report, and talk of an inter-meeting cut is overdone.
  • Stein thinks the Fed will need to cut gradually barring abrupt weakening in the employment market that doesn't appear to be in the cards, because there's a good chance the last mile on inflation will be a hard slog.
  • He also believes the neutral rate is higher than most Fed officials think, perhaps around 4%, which means the Fed might not need to cut that far to get there.
Listen to the full podcast here.
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EXCECUTIVE SUMMARY

  • Former Fed board governor Jeremy Stein thinks markets overreacted to one bad unemployment report, and talk of an inter-meeting cut is overdone.
  • Stein thinks the Fed will need to cut gradually barring abrupt weakening in the employment market that doesn't appear to be in the cards, because there's a good chance the last mile on inflation will be a hard slog.
  • He also believes the neutral rate is higher than most Fed officials think, perhaps around 4%, which means the Fed might not need to cut that far to get there.
Listen to the full podcast here.