It's early to tell, we're still watching how it unfolds. Stanley Fischer More Quotes by Stanley Fischer More Quotes From Stanley Fischer The Federal Republic of Yugoslavia authorities face the complicated task of stabilising and reviving a devastated economy after years of regional conflicts, international isolation and economic mismanagement. Stanley Fischer yugoslaviatasksyears Year after year, we have had to explain from mid-year onwards why the global growth rate has been lower than predicted as little as two quarters back. This pattern of disappointment and downward revision sets up the first, and the basic, challenge on the list of issues policymakers face in moving ahead: restoring growth, if that is possible. Stanley Fischer disappointmentyearsmoving We may well at present be seeing the first stirrings of an increase in the inflation rate. Stanley Fischer business At this point, it is difficult to judge the likely implications of this volatility, if these developments lead to a persistent tightening of financial conditions, they could signal a slowing in the global economy that could affect growth and inflation in the United States. Stanley Fischer business One possible concern about our unconventional policies has eased recently, as the Fed's normalization tools proved effective in raising the federal funds rate following our meeting two-and-a-half weeks ago, of course these are early days yet. Stanley Fischer most-read-articles Whatever the cause, other things being equal, a lower level of the long-run equilibrium real rate suggests that the frequency and duration of future episodes in which monetary policy is constrained by the (zero lower bound) will be higher than in the past. Stanley Fischer most-read-articles One possible concern about our unconventional policies has eased recently, as the Federal Reserve's normalization tools proved effective in raising the federal funds rate following our December meeting, of course issues may yet arise during normalization that could call for adjustments to our tools, and we stand ready to do that. Stanley Fischer business The limited macroprudential toolkit in the United States leads me to conclude that there may be times when adjustments in monetary policy should be discussed as a means to curb risks to financial stability, a more restrictive monetary policy would, all else being equal, lead to deviations from price stability and full employment. Stanley Fischer company-news I think they could settle fairly quickly. Stanley Fischer most-read-articles Whatever the state of the economy, the federal funds rate will be set at each FOMC meeting. Stanley Fischer business For example, a large and persistent program could have unanticipated and adverse effects on the structure of money markets. Stanley Fischer business The lower inflation that we'll get from the lower price of oil is going to be temporary, i wouldn't worry about that very much because that period of negative, low inflation is actually happening as a result of a phenomenon that's making everyone better off, and furthermore likely to increase GDP rather than reduce it. Stanley Fischer business I think that has a significant chance of being about to happen. Stanley Fischer business
