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Question On International Developments Vs. Strong US Economy

FED
  • Q: How is the Fed weighing international developments vs a strong US economy?
  • A: We keep close tabs on economic developments and also geopolitical developments. We're in very frequent contact with our foreign counterparts, both through the IMF meetings and the regular meetings with central banks that we have. I have one this weekend with many central bankers.
  • I guess it's a difficult time in the global economy. High inflation in Europe; China having issues with zero COVID policy. The strong dollar is a challenge for some countries. We take that all into account in our models, spillovers etc. Here in the US we have a strong economy with high inflation.
  • We need to use our tools to get inflation under control. The world's not going to be better off if we fail to do that. Price stability in the United States is a good thing for the global economy over a long period of time. Price stability is the kind of thing that pays dividends for our economy for decades, even though if may be difficult getting it back. Getting it back provides value to the people we serve for the long run.
  • We don't directly affect food and energy prices, but affect them at the margin. In the US we have a demand issue, an imbalance between supply and demand. Our tools are well suited to work on that problem.
Energy BulletsCommodities
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