I do think it more likely that the bad news on inflation is more transitory than the good news on jobs, and if you went back two years ago and offered me the choice of whether to risk somewhat overheating the economy, as we did this time, or undershooting and creating a long, slow, tepid recovery, as we did in 2008, I would have chosen the risk of overheating.

Justin Wolfers

The claim that community banks should have a Fed board seat is no stronger than the claim that trade unions should, or mid-sized banks or (JPMorgan CEO) Jamie Dimon, it's a bad practice and not consistent with central bank practices around the world.

politics

The mechanism by which monetary policy addresses inflation is it slows down the economy. It's a very, very painful path.