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Jerome Powell's Response to Evan Ryser

8/15/2023

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chair_powell’s_press_conference__20230726_.pdf
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49:32-

​EVAN RYSER: If I could also ask about the SEP from June that showed rate cuts—do you expect the Fed to cut nominal rates next year while also continuing QT?
​
​CHAIR POWELL: So that, that could happen. The question is, you know, is that consistent with, with—so if you think about both of them as normalization, imagine it’s a world where things are okay, and it’s time to bring rates down from what are restrictive levels to more normal levels. Normalization, in the case of, of the balance sheet, would be to reduce QT or to continue it, depending on where you are in the cycle. So they are two independent things. And, you know, really, the active tool of monetary policy is rates. But you can imagine circumstances in which it would be appropriate to have them working in what might be seen to be just different ways. But that wouldn’t be the case.
Evan Ryser:如果我也能問一下關於六月份的經濟預測報告,顯示出降息的情況——您認為Fed明年會在繼續縮表的同時降低利率嗎?
 
Jerome Powell:嗯,那有可能發生。問題是,您知道,這是否與......如果您將他們都視為正常化的一部分,想像一下,在一切都還好的情況下,現在是從限制性水平降息到更正常水平的時候。就像是資產負債表的正常化一樣,會根據經濟周期的不同階段來減少或繼續縮表。所以他們是兩個獨立的事情。而實際上,貨幣政策的主動工具是利率。但您可以想像在某些情況下,讓它們以可能被視為不同方式在發揮作用可能是合適的。不過這種情況不太容易發生。
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