Jeffrey M. Lacker - Federal Reserve Bank of Richmond: Recent Episodes
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Richmond Fed President Jeffrey M. Lacker addressed the Virginia Association of Economists and the Richmond Association for Business Economics in Richmond, Virginia on September 2.
Richmond Fed President Jeffrey M. Lacker was a featured speaker for the Chancellor’s Distinguished Lecture Series at the University of North Carolina Wilmington on April 12, 2016.
Richmond Fed President Jeffrey M. Lacker was featured speaker for the “Legends + Leaders” lecture series at Johns Hopkins Carey Business School in Baltimore on February 24.
Richmond Fed President Jeffrey M. Lacker spoke at the Greater Raleigh Chamber of Commerce’s 2016 Economic Forecast event in Raleigh, North Carolina on January 7.
Richmond Fed President Jeffrey Lacker addressed the Retail Merchants Association in Richmond, Virginia, on September 4.
Richmond Fed President Jeffrey M. Lacker gave a speech on financial stability at the Louisiana State University Graduate School of Banking in Baton Rouge on May 26, 2015.
Richmond Fed President Jeffrey M. Lacker presents a comprehensive approach to preparing skilled workers who can develop and implement new technologies, and reap the benefits of economic growth.
Richmond Fed president Jeffrey M. Lacker spoke about financial stability and ending “too big to fail.”
Richmond Fed president Jeffrey M. Lacker spoke about the national economic outlook during the Bank’s Regional Forum in Asheville, N.C.
Richmond Fed President Jeffrey M. Lacker addressed business leaders during a luncheon hosted by the Rotary Club of Charlotte in Charlotte, N.C.
Richmond Fed President Jeffrey M. Lacker discussed workforce development in a speech at the Lynchburg College School of Business and Economics in Lynchburg, Va.
Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook in remarks to business and community leaders in Asheboro, N.C.
Richmond Fed President Jeffrey M. Lacker discussed workforce development during his speech to Charlotte business leaders on Nov. 5.
Richmond Fed President Jeffrey M. Lacker addressed teachers at the Council for Economic Education’s 52nd Annual Conference in Baltimore.
Richmond Fed President Jeffrey M. Lacker discussed the economic outlook during the Judicial Conference of the Fourth Circuit on June 28 in White Sulphur Springs, W.Va.
Richmond Fed President Jeffrey M. Lacker addressed the local chapter of the Risk Management Association at their economic outlook luncheon in Richmond, Va.
Richmond Fed President Jeffrey Lacker speaks with students and faculty at Franklin & Marshall College in Lancaster, Pa.
Lacker speaks at the South Carolina Business & Industry Political Education Committee's 27th Annual Meeting in Columbia, S.C.
Lacker speaks at the Maryland Bankers Association’s Sixth Annual First Friday Economic Outlook Forum.
Lacker speaks at the Charlotte Chamber of Commerce's Annual Economic Outlook Conference.
Lacker Addresses Business, Community and Economic Development Leaders in Salisbury, Md.
Lacker speaks at Southern Growth's 2011 Chairman's Conference in Roanoke, Va. (audio available)
Lacker Addresses Northern Virginia Business and Community Leaders (audio and video available)
President Lacker addresses South Carolina Business & Industry Political Education Committee.
President Lacker addresses the West Virginia Bankers Association and the Community Bankers of West Virginia.
Thank you very much, Henry. It's a pleasure to return to Charlotte again at the end of the year to discuss the economic outlook.1 I'll begin by discussing current conditions in a bit more detail, before going on to discuss the outlook for the coming year. Before we begin though, let me note that the usual disclaimer applies – the views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.
I am pleased to be with you here today to discuss my views on the economic outlook. 1 When this date was arranged many months ago, I was looking forward to delivering my remarks during the sleepy dog days of summer. Instead, we meet during fairly tumultuous times in financial markets. Over the last several weeks, we have seen substantial revisions in market participants' assessments of the fundamental value of securities related to sub-prime and other non-standard mortgages, financial distress related to mortgage finance at several entities, considerable widening of credit spreads, and significantly larger swings in asset prices. This turbulence makes assessing the economic outlook more challenging than usual, and of course makes central bank policymaking especially challenging.
I am very pleased to be with you today to discuss my views on the economic outlook, with particular emphasis on the outlook for inflation.1 In its most recent statements, the Federal Open Market Committee has identified "the risk that inflation will fail to moderate as expected" as its "predominant policy concern." This places current inflation and the inflation outlook squarely at center stage in thinking about the economy and monetary policy. So in my remarks today, I will take a closer look at inflation's recent behavior and the prospects for its future behavior. In doing so, I'll discuss the interplay between real activity and inflation expectations. As always, these remarks should be taken as my own personal views, and not necessarily those of any of my colleagues in the Federal Reserve.
Let me begin by telling you about some recent experiences. I had the opportunity earlier this year to guest-teach a couple of business school economics classes. I opened my discussions with a pair of questions, asking students to put themselves in the place of a monetary policymaker choosing a target for the federal funds rate. First I gave them a set of hypothetical facts about the state of the economy: a slowdown in housing in the wake of multi-year housing boom; rising mortgage default rates; preliminary indicators of a slowing in business investment. And then I asked them: "What are you going to do?" The students dutifully responded that this situation could call for a reduction in the funds rate. They'd obviously been doing their homework.
I recently had the opportunity to guest-teach a couple of business school economics classes. It was great to be back in the classroom. Don’t get me wrong – I like my current job. But it was nice not to have to vote on anything.
It’s a pleasure to be here again this year for what has come to be called the “Broaddus Breakfast.” I am honored to be invited back for a third appearance. Before I begin, I owe you the usual disclaimer that these views are my own and are not necessarily shared by my colleagues around the Federal Reserve System. But for those of you who have followed my voting record, this should come as no surprise.
It is a pleasure to be with you today to discuss the economic outlook for the region. I work, as Barbara’s kind introduction noted, at the Federal Reserve Bank of Richmond. The fact that our nation’s capital lies within the Richmond Federal Reserve District, rather than the other way around, is an odd byproduct of decisions made over 90 years ago. When establishing the Federal Reserve System as the nation’s central bank, Congress created a confederation of regional banks, rather than a single, centrally located bank. The founding organizers then made Richmond the headquarters for the Fifth Federal Reserve District, which covers the area from West Virginia and Maryland in the North down to the Carolinas in the South. The founders’ motivating vision was that the nation was better served by an institution that was closely linked to the diverse economies that make up our country. And so, one of our key responsibilities at the Reserve Banks is to understand local economic conditions around our Districts. Of course, the Fed is well represented inside the beltway, since Washington is the home of the Board of Governors of the Federal Reserve System, the entity that oversees Reserve Bank activities. They are kind enough to let me roam Washington at will, and we are kind enough to cut their paychecks for them.
It is a pleasure to speak on the economic outlook this morning, in part due to this distinguished Ohio Valley audience, and in part because the outlook is so encouraging. Growth is proceeding on a solid pace this year, and inflation is low and stable. Moreover, our economy has withstood several substantial shocks over the last several years, and yet has remained on course. So, I think we have abundant reason to be grateful for a quite positive economic outlook. Before I begin reviewing that outlook, however, I would like to note, as usual, that the views expressed are my own and are not necessarily those of my colleagues in the Federal Reserve System.
I would like to talk to you tonight about the evolution in the way the Federal Reserve goes about conducting monetary policy. As my title suggests, one theme is that a transition is taking place. Of course, the most striking transition at the Federal Reserve this year is the change in leadership. On January 31, Federal Reserve Board Chairman Alan Greenspan served his last day in office and chaired his last meeting of the Federal Open Market Committee. His successor, Ben Bernanke, took over the following day, and tomorrow morning, he delivers his first testimony to Congress as chairman.
It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this year’s run-up in energy prices and the disruptions of a devastating hurricane season. And after a brief pause this fall, employment is expanding again at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the champagne. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge.
It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this years run-up in energy prices and the disruptions of a devastating hurricane season. After a brief pause this fall, employment has resumed expanding at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the eggnog. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge. So all in all, it is quite a good outlook. In fact, in the spirit of the holiday season, I am tempted to say that I bring you tidings of comfort and joy, but I am afraid that might strike you as uncharacteristically exuberant for a central banker, so let me just say that tidings appear to be improving at a measured pace.
It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this year’s run-up in energy prices and the disruptions of a devastating hurricane season. After a brief pause this fall, employment has resumed expanding at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the eggnog. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge. So all in all, it is quite a good outlook. In fact, in the spirit of the holiday season, I am tempted to say that I bring you tidings of comfort and joy, but I am afraid that might strike you as uncharacteristically exuberant for a central banker, so let me just say that tidings appear to be improving at a measured pace.
Early next year, we will experience an event that happens rarely in the Federal Reserve — the retirement of the Chairman of the Board of Governors. Alan Greenspan is just the fifth Fed Chairman in the modern era that began with the Treasury-Fed Accord in 1951, and his retirement provides us with an excellent opportunity both to look back at a period of extraordinary success in monetary policy-making and to look forward to the principles that might allow future policy to continue this success. I plan to do some of both today, but I may spend as much time looking back as looking forward, not because I’m particularly nostalgic for the 1990s, but because I think it’s important for us to understand the nature of our policy successes in order to draw the right lessons to guide our future thinking about policy. As always, the views expressed are my own, and do not necessarily represent the views of my colleagues in the Federal Reserve System.