• “My own views on policy… are that we need to get to something like the neutral rate of interest by the end of the year, which in my judgment would be to around the 3.1% range of a nominal Fed funds rate.”
  • “And so what would unwind the need to do that? Well, if there were some extraordinary unexpected developments in the economy that pull inflation down rapidly, or supply chain would repair or some another global shock that we had to deal with, but none of those things are happening”
  • The data on inflation are coming in more or less as expected
  • “I would say 75 [basis points] in July, and then you figure out what else needs to be done so that we can get to 3.1% by the end of the year.
  • “Systemic risk from housing slowing is just not there.”

Here is the full text.

She has an interesting take on crypto too:

“In terms of the real economy effects, I was doing a CEO round table in LA last week. And they all came to the same conclusion, which is they lost a lot of younger people to the idea that you could work a little bit in trading crypto, and so they quit their jobs. And now they’re getting calls back saying, ‘well, probably the working thing is a good gig and I want to invest in the diversified portfolio.’

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