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[³°Éô¥ê¥ó¥¯] Lessons from the Crisis: Ending Too Big to Fail
Neel Kashkari | President
Brookings Institution, Washington, D.C.
February 16, 2016

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[³°Éô¥ê¥ó¥¯] ¥¤¥ó¥¹¥¿¥ó¥ÈÆÉ¤ß¤ò¤¹¤ë¤È¤­¤Ã¤Æ¤È¤ê¤¢¤¨¤º¤Ï¡ØCommittee Policy Action¡Ù¤Î¼êÁ°¤Î½ê¤«¤éÁÌ¤Ã¤ÆÆÉ¤ó¤Ç¤¤¤¯¤Î¤Ç¤¹¤¬¡¢º£²ó¤Ï¤½¤Î¡ØParticipants' Views on Current Conditions and the Economic Outlook¡Ù¤Î¥³¡¼¥Ê¡¼¤ÇºÇ¸å¤Î5¥Ñ¥é¥°¥é¥ÕÌܤ¬ºÇ¶á¤Î¶âÍ»·ÐºÑ¾ðÀª¤¬º£¸å¤ÎÍø¾å¤²¤ËÂФ·¤Æ¤É¤¦¤¤¤¦±Æ¶ÁŪ¤ÊÏäò¤·¤Æ¤¤¤Þ¤·¤Æ¡¢¤³¤ì¤ÏFOMCµÄ»öÍ׻ݤÎÃæ¤Ç¤Ï°·¤¤¤¬¤«¤Ê¤ê¤Î¥¹¥Ú¡¼¥¹¤ò³ä¤¤¤Æ¤¤¤ë¤È¤¤¤¦´¶¤¸¤Ç¤¹¡£

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¡ØParticipants also discussed a range of issues related to financial market developments.¡Ù

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¡ØAlmost all participants cited a number of recent events as indicative of tighter financial conditions in the United States; these events included declines in equity prices, a widening in credit spreads, a further rise in the exchange value of the dollar, and an increase in financial market volatility.¡Ù

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¡ØSome participants also pointed to significantly tighter financing conditions for speculative-grade firms and small businesses, and to reports of tighter standards at banks for C&I and CRE loans.¡Ù

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¡ØThe effects of these financial developments, if they were to persist, may be roughly equivalent to those from further firming in monetary policy.¡Ù

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¡ØParticipants mentioned several apparent factors underlying the recent financial market turbulence, including economic and financial developments in China and other foreign countries, spillovers in financial markets from stresses at firms and in countries that are producers of energy and other commodities, and an increase in concerns among market participants regarding the prospects for domestic economic growth.¡Ù

¡ØHowever, a number of participants noted that the large magnitude of changes in domestic financial market conditions was difficult to reconcile with incoming information on U.S. economic developments. A couple of participants pointed out that the recent decline in equity prices could be viewed as bringing equity valuations more in line with historical norms. Additionally, a few participants cautioned that valuations in CRE markets should be closely monitored. The effects of a relatively flat yield curve and low interest rates in reducing banks' net interest margins were also noted.¡Ù

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¡ØParticipants discussed whether their current assessments of economic conditions and the medium-term outlook warranted either increasing the target range for the federal funds rate at this meeting or altering their earlier views of the appropriate path for the target range for the federal funds rate.¡Ù

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¡ØParticipants agreed that incoming indicators regarding labor market developments had been encouraging, but also that data releases since the December meeting on spending and production had been disappointing. Furthermore, developments in commodity and financial markets as well as the possibility of a significant weakening of some foreign economies had the potential to further restrain domestic economic activity, partly because the large cumulative declines in energy and other commodity prices could have pronounced adverse effects on some firms and countries that are important producers of such commodities.¡Ù

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¡ØHowever, a few noted that the potential positive effects of lower energy costs on economic activity were a mitigating factor.¡Ù

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¡ØParticipants judged that the overall implication of these developments for the outlook for domestic economic activity was unclear, but they agreed that uncertainty had increased, and many saw these developments as increasing the downside risks to the outlook.¡Ù

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¡ØAs expected, inflation had continued to run below 2 percent, but the further decline in energy prices and the additional appreciation of the dollar likely implied that inflation would take somewhat longer than previously anticipated to rise to the Committee's objective.¡Ù

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¡ØIt was noted that although it was generally appropriate for monetary policy not to respond substantially to temporary shocks to inflation, that prescription depended in part on the assumption that longer-term inflation expectations remained well anchored.¡Ù

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¡ØParticipants pointed out that some market-based measures of longer-term inflation compensation had declined to historically low levels, which increased concerns about whether inflation expectations could be moving lower. Other participants, however, noted that survey-based measures of longer-term inflation expectations had remained fairly steady, and a few participants characterized measures of underlying inflation rates, such as core and trimmed mean PCE inflation, as having stayed relatively stable.¡Ù

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¡ØMost participants still expected inflation to increase gradually once energy prices and the prices of non-energy imports stabilized and as the labor market strengthened further. However, a few participants noted that direct evidence that inflation was rising toward 2 percent would be an important element of their assessment of the outlook and of the appropriate path for policy.¡Ù

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¡ØParticipants expressed a range of views regarding the balance of risks to the medium-term economic outlook and its implications for the conduct of monetary policy.¡Ù

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¡ØMost participants indicated that it was difficult to judge at this point whether the outlook for inflation and economic growth had changed materially, but they thought that uncertainty surrounding the outlook had increased as a result of recent financial and economic developments. Most participants were of the view that there was not yet enough evidence to indicate whether the balance of risks to the medium-term outlook had changed materially, but others judged that recent developments had increased the level of downside risks or that the risks were no longer balanced.¡Ù

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¡ØSeveral participants noted that monetary policy was less well positioned to respond effectively to shocks that reduce inflation or real activity than to upside shocks, and that waiting for additional information regarding the underlying strength of economic activity and prospects for inflation before taking the next step to reduce policy accommodation would be prudent.¡Ù

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¡ØWhile participants continued to expect that gradual adjustments in the stance of monetary policy would be appropriate, they emphasized that the timing and pace of adjustments will depend on future economic and financial market developments and their implications for the medium-term economic outlook.¡Ù

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¡ØA couple of participants questioned whether some financial market participants fully appreciated that monetary policy is data dependent, and a number of participants emphasized the importance of continuing to communicate this aspect of monetary policy.¡Ù

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February 12, 2016
William C. Dudley, President and Chief Executive Officer
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¡Ø While the sample of post-war U.S. expansions is still too small for reliable statistical analysis, the evidence suggests that after an expansion¡Çs first few years its likelihood of ending is mostly independent of age, and depends mainly instead on the level of inflation. Since the possibility is low that a significant inflation risk would emerge over the near term, this means that the main danger facing the current expansion is the risk of large, adverse shocks.¡Ù

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¡ØGiven that the labor market still appears to have some excess slack and inflation is below the Federal Reserve¡Çs objective, monetary policy is appropriately still quite accommodative despite the advancing age of the expansion. While this limits to an extent the degree to which monetary policy can aggressively respond to any adverse events, the good news is that the economy is more resilient to any shocks. Key sectors of the U.S. economy, such as the household sector, seem to be in good shape. The financial system is also clearly much stronger, with the banking system much better capitalized and with much larger liquidity buffers than in the years preceding the financial crisis.¡Ù

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¡ØIn today¡Çs briefing, we will be focusing on the household sector. Given the importance of consumption to U.S. economic growth, the health of the household sector is critical for an assessment of risks to the outlook. Over the last several years we have devoted significant resources to better understanding the state of the household sector, and one outcome of this attention is our now well-known Quarterly Report on Household Debt and Credit. This report, and the data that underlie it, give us direct insight into the health of the household balance sheet.¡Ù

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¡ØThe assets and liabilities that families hold is a crucial determinant of the household sector¡Çs ability to help immunize the economy from shocks. We learned during the Great Recession the importance of household liabilities?in particular, mortgages, which make up more than two-thirds of the sector¡Çs total liabilities.¡Ù

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¡ØBeginning in 2008, households began a new phase to repair their balance sheets by paying down outstanding debt. During this ¡ÈGreat Deleveraging,¡É which lasted five years, households reduced their overall liabilities by 12 percent or $1.5 trillion. House prices began to rise again in earnest in 2012, and by mid-2013 household deleveraging appeared to have come to an end. Net household borrowing resumed, and household debt has risen over 8 percent during the last couple of years. But, this recent period of credit expansion looks very different from the early 2000s, and I believe that the household sector today is in much better health. There are several reasons for my confidence.¡Ù

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¡ØLet me begin with the situation in the residential mortgage market, which plays such a dominant role in household finance and was such a problem the last time around. Currently, house price growth is running nationally at around 5 percent per year. But this time, households appear to be much more cautious in how they are responding to the rise in home values. Rather than borrowing against the rising equity in their homes, mortgage balances have instead essentially stabilized and remain well below their previous levels. As my colleagues will describe in more detail shortly, this stabilization reflects an increase in debt paydown due to a combination of lower interest rates, shorter loan terms and aging of mortgages. This trend is reflected in increased household saving and growing home equity, and we expect these trends to continue to help households rebuild their balance sheets over the near term, thereby further increasing the household sector¡Çs resiliency to shocks.¡Ù

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¡ØLow interest rates have also been important in driving the household debt service ratio to the lowest levels observed in our data. This means that households have more capacity with which to absorb any temporary adverse income shocks. One clear reflection of these improvements is the very significant decline in delinquency rates. At this point, the great majority of the bad debt from the boom years has been charged off and new foreclosures are at the lowest level we¡Çve seen in our data. The combination of charge-offs and tight mortgage underwriting standards over the last several years has shifted the stock of outstanding mortgage balances toward lower-risk borrowers, who are typically older with more stable incomes.¡Ù

Äã¶âÍø¤Ë¤è¤Ã¤Æ²È·×¤ÎÍøÊ§¤¤Ééô¤ÏºÇ°ÂÃÍ¿å½à¤Þ¤ÇÄã²¼¤·¤Æ¤ª¤ê¡¢¤³¤Î·ë²Ì¤È¤·¤Æ½êÆÀ¤¬°ì»þŪ¤ËÍî¤Á¹þ¤à¥·¥ç¥Ã¥¯¤Ø¤ÎÂÑÀ­¤â¹â¤Þ¤Ã¤Æ¤¤¤ë¤·¡¢¤½¤Î·ë²Ì¤È¤·¤Æ»Ùʧ¤¤ÉÔǽ¤Ë¤Ê¤Ã¤Æ¶¥Çä¤Î·º¤È¤Ê¤ë·ï¿ô¤â¸º¤Ã¤Æ¤¤¤ë¤·¡¢¥â¡¼¥²¡¼¥¸¤ÎÂß½ÐÂÖÅ٤ϰÊÁ°¤Î¶µ·±¤«¤é¸·¤·¤¤¤Î¤ÇÂߤ·½Ð¤·¤Î¼Á¤â²þÁ±¤·¤Æ¤¤¤ë¡¢¤È¤¤¤¦ÏäǤ¹¤Ê¡£

¡ØFor all these reasons, the household sector looks much better positioned today than in 2008 to absorb shocks and continue to contribute to the economic expansion.¡Ù

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¡ØNow, before asking my colleagues to discuss some of these trends in more detail, let me note that my positive overview of the household sector comes with some caveats.¡Ù

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¡ØFirst, these aggregate statistics can mask some important variations, and there are some local markets where, as in the prior boom, both house prices and mortgage growth are quite strong. Similarly, there exist substantial differences across households in their financial situation and their ability to improve their balance sheets. Borrowers with little equity, low credit scores and slow income growth face difficulties refinancing into low rate mortgages. As a result, this subset of the population has been less able to deleverage and still faces relatively high debt service costs, which constrains their consumption, investment and saving behavior. So, even within what looks to be a stable overall mortgage market, there are some things that we must continue to monitor.¡Ù

¡ØSecond, there are other difficult challenges that many households face, particularly with respect to a subject we¡Çve discussed on previous occasions-student loans. On balance, though, households are in a much better position today than they were in 2008. Now, I'd like to turn things over to our economists, beginning with Andrew Haughwout, who will provide a more detailed discussion of household sector finances.¡Ù

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¡ØThe economy continues to strengthen but inflation is expected to be lower during 2016 than previously forecast. The period of low inflation will therefore be longer. This increases the risk of weakening confidence in the inflation target and of inflation not rising towards the target as expected. To provide support for inflation so that it rises and stabilises around 2 per cent in 2017, the Executive Board of the Riksbank has therefore decided to cut the repo rate by 0.15 percentage points to -0.50 per cent.¡Ù

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¡ØPurchases of government bonds will continue for the first six months of this year, in accordance with the plan adopted in October. The Executive Board has also decided to reinvest maturities and coupons from the government bond portfolio until further notice. There is still a high level of preparedness to make monetary policy even more expansionary if this is needed to safeguard the inflation target.¡Ù

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[³°Éô¥ê¥ó¥¯] Statement by Janet L. Yellen Chair Board of Governors of the Federal Reserve System
before the Committee on Financial Services U.S. House of Representatives
February 10, 2016


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¡ØIn the fourth quarter of last year, growth in the gross domestic product is reported to have slowed more sharply, to an annual rate of just 3/4 percent; again, growth was held back by weak net exports as well as by a negative contribution from inventory investment. Although private domestic final demand appears to have slowed somewhat in the fourth quarter, it has continued to advance.¡Ù

¡ØHousehold spending has been supported by steady job gains and solid growth in real disposable income--aided in part by the declines in oil prices. One area of particular strength has been purchases of cars and light trucks; sales of these vehicles in 2015, reached their highest level ever. In the drilling and mining sector, lower oil prices ave caused companies to slash jobs and sharply cut capital outlays, but in most other sectors, business investment rose over the second half of last year. And homebuilding activity has continued to move up, on balance, although the level of new construction remains well below the longer-run levels implied by demographic trends.¡Ù

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¡ØFinancial conditions in the United States have recently become less supportive of growth, with declines in broad measures of equity prices, higher borrowing rates for riskier borrowers, and a further appreciation of the dollar.¡Ù

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¡ØThese developments, if they prove persistent, could weigh on the outlook for economic activity and the labor market, although declines in longerterm interest rates and oil prices provide some offset.¡Ù

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¡ØStill, ongoing employment gains and faster wage growth should support the growth of real incomes and therefore consumer spending, and global economic growth should pick up over time, supported by highly accommodative monetary policies abroad. Against this backdrop, the Committee expects that with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace in coming years and that labor market indicators will continue to strengthen.¡Ù

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¡ØAs is always the case, the economic outlook is uncertain.¡Ù

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¡ØForeign economic developments, in particular, pose risks to U.S. economic growth. Most notably, although recent economic indicators do not suggest a sharp slowdown in Chinese growth, declines in the foreign exchange value of the renminbi have intensified uncertainty about China's exchange rate policy and the prospects for its economy. This uncertainty led to increased volatility in global financial markets and, against the background of persistent weakness abroad, exacerbated concerns about the outlook for global growth. These growth concerns, along with strong supply conditions and high inventories, contributed to the recent fall in the prices of oil and other commodities.¡Ù

¡ØIn turn, low commodity prices could trigger financial stresses in commodity-exporting economies, particularly in vulnerable emerging market economies, and for commodity-producing firms in many countries. Should any of these downside risks materialize, foreign activity and demand for U.S. exports could weaken and financial market conditions could tighten further.¡Ù

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¡ØOf course, economic growth could also exceed our projections for a number of reasons, including the possibility that low oil prices will boost U.S. economic growth more than we expect. At present, the Committee is closely monitoring global economic and financial developments, as well as assessing their implications for the labor market and inflation and the balance of risks to the outlook.¡Ù

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¡ØOf course, inflation expectations play an important role in the inflation process, and the Committee's confidence in the inflation outlook depends importantly on the degree to which longer-run inflation expectations remain well anchored. It is worth noting, in this regard, that market-based measures of inflation compensation have moved down to historically low levels; our analysis suggests that changes in risk and liquidity premiums over the past year and a half contributed significantly to these declines. Some survey measures of longer-run inflation expectations are also at the low end of their recent ranges; overall, however, they have been reasonably stable.¡Ù

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¡ØThe decision in December to raise the federal funds rate reflected the Committee's assessment that, even after a modest reduction in policy accommodation, economic activity would continue to expand at a moderate pace and labor market indicators would continue to strengthen. Although inflation was running below the Committee's longer-run objective, the FOMC judged that much of the softness in inflation was attributable to transitory factors that are likely to abate over time, and that diminishing slack in labor and product markets would help move inflation toward 2 percent. In addition, the Committee recognized that it takes time for monetary policy actions to affect economic conditions. If the FOMC delayed the start of policy normalization for too long, it might have to tighten policy relatively abruptly in the future to keep the economy from overheating and inflation from significantly overshooting its objective. Such an abrupt tightening could increase the risk of pushing the economy into recession.¡Ù

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¡ØOf course, monetary policy is by no means on a preset course. The actual path of the federal funds rate will depend on what incoming data tell us about the economic outlook, and we will regularly reassess what level of the federal funds rate is consistent with achieving and maintaining maximum employment and 2 percent inflation. In doing so, we will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. In particular, stronger growth or a more rapid increase in inflation than the Committee currently anticipates would suggest that the neutral federal funds rate was rising more quickly than expected, making it appropriate to raise the federal funds rate more quickly as well. Conversely, if the economy were to disappoint, a lower path of the federal funds rate would be appropriate. We are committed to our dual objectives, and we will adjust policy as appropriate to foster financial conditions consistent with the attainment of our objectives over time.¡Ù


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