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FED: Q (MNI Correspondent`s question): Fed funds rate keeps rising, room for
another IOER adjustment? Any other tools to keep ceiling on rate, including
standing repo and targeting different benchmark rate?
- A: We'll use our tools as needed to keep FFR in target range. Don't expect to
need to do it again. Demand for liabilities key factor, learning more and more
about where that is over next few months, which is why we are moving gradually.
Re tools, we are sure at an upcoming meeting we will discuss idea of repo
facility as a possible addition to our toolbox. Do a deep dive, look at pros and
cons, come back and make a decision. At an upcoming meeting.
- Q: Given expectations on economy, see economy overheating?
- A: No evidence of overheating.
- Q: Are wages going to get back over 4% in this cycle? How does FOMC see
productivity growth, accelerating enough?
- A: Wages up steadily over last 5 years, 3-3.5% now. Recent gains have been for
lowest-end. Productivity difficult to predict, I won't really try. Was low for
6-7 years, last year was 1.9%, can it be sustained? [END OF PRESS CONFERENCE]