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Powell Asked On Global Recession Risks Due To CB Tightening

FED

Q: How do you see global recession risks due to central banks tightening, and coordination with other central bankers.

  • A: We're in pretty regular contact with other senior central bank officials from around the world. We all have domestic mandates but we regularly discuss what we're seeing and int'l spillovers. We are very aware of what's going on in other economies and what it means for us and vice versa. Our forecasts try to take all of that into account. It's not perfect but it's not as if we don't think about developments that are taking place in major economies that can affect the U.S.
  • It's hard to talk about collaboration in a world where countries have very different levels of interest rates. If you remember, there were coordinated cuts and raises at various times, but we're in very different situations. I will tell you our contact is more or less ongoing and it's not coordination but there's a lot of information-sharing.
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Q: How do you see global recession risks due to central banks tightening, and coordination with other central bankers.

  • A: We're in pretty regular contact with other senior central bank officials from around the world. We all have domestic mandates but we regularly discuss what we're seeing and int'l spillovers. We are very aware of what's going on in other economies and what it means for us and vice versa. Our forecasts try to take all of that into account. It's not perfect but it's not as if we don't think about developments that are taking place in major economies that can affect the U.S.
  • It's hard to talk about collaboration in a world where countries have very different levels of interest rates. If you remember, there were coordinated cuts and raises at various times, but we're in very different situations. I will tell you our contact is more or less ongoing and it's not coordination but there's a lot of information-sharing.