YouSaid · the spoken record

Bill Dudley

lines on the record: 108
first: 2024-02-15
most recent: 2024-02-15
sittings or episodes: 1
sources: podcast

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“Yeah, I mean, I think for most people, buying an ETF on a broad-based stock market and then putting it away for 20 years is the right approach.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Because I have a position. And I said to him, no, you don't really want me to do that because one, I wouldn't be very good at it, and then I might lose some of my objectivity with quotes around it.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Determine the success of companies. You learn a lot by doing it. And I personally think a lot of people overinvest in the sense of making transactions. I found over time that I have good ideas once every five, ten years. And you have to wait for that good idea and then implement that investment thesis well. One thing I'm good at coming out with ideas, but I'm terrible at trading on them. Bob Rubin a number of years ago at Goldman's suggested that maybe you should actually start trading things try that. I said, no, Bob, I don't think my risk tolerance is right for that. And the second reason not to do it is that if you start trading things, then it sort of leaks into your interpretation of information and events because then you start to talk your book and try to contribute. This is the reason why the 10-year bond yield should fall because.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, when I first started investing, I started investing in 1974-75. And I have to say, I was so naive about investing at that time. I didn't really understand what really drove stock market valuation, you know, what”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Find an interesting job, build your human capital. Once you find that your human capital is no longer going up at a particularly rapid rate, find a new job. I mean, I was very lucky because I jumped around in my career and I feel like every place I moved, I learned a new set of skills and information, which sort of helped me do better at the next endeavor. So I think it's really important not to stale. And, you know, and the second really most important thing is find something that you can that really interests you, that you can be enthusiastic about. Because if you can't go to work and be enthusiastic about it, you're not going to do very well. And you're not going to be very happy. I mean, ideally, you know, you like your work and the difference between work and pleasure starts to blur. And you don't really aren't resentful when there's more demands for your work. I mean, during the financial crisis, you can imagine I worked pretty long hours, but I wouldn't have had it any other way. I mean, it was absolutely a fascinating period of time. And yeah, it was work. But I got a lot out of it.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Have you read Ted Chiang? I know his name. He's a short story writer. He writes short stories of fiction. He's got two books, science fiction. It's fabulous. It's very intellectual stuff. He writes sometimes in the New Yorker magazine.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“He spread everything. Lee Chao is entertaining, but every story is sort of along the same lines. So that's the sort of stuff that I like to read. And I read a fair amount.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“I have not read it. I don't read a lot of science fiction, but every once in a while I get a hankering for it. I typically read more things that are like thriller detective kind of things. I took a lot of literature when I was in college, but I don't read a lot of heavy literature now because I usually by the end of the day I'm a little wiped out. And to read really good literature, it takes a lot of attention. So I like things like Dennis Lahaine. I think he does really good stuff. Don Winslow.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Right now, I haven't really gotten into anything particularly that's like grab me. I just finished Andy Weir's book, Hail Mary.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the most important one by far, I think, was my professor at Berkeley, James Pierce. He worked at Yale, then he went to work at the Federal Reserve Board in Washington. He was the Associate Director of Research. And then he went to Berkeley, and I was his research assistant at Berkeley for five years, which is a very long stretch as being someone's research assistant. And he sort of got me interested in policy and got me sort of knowledgeable about what the Federal Reserve was all about. And so I think the reason why I went to the Federal Reserve rather than went into academia is because of his counseling. And he became a really good friend. But there are a lot of other people along the way, but he's the one that sort of stands out.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“So that one is about the sort of alternate space race between Russia and the US, where Russia actually gets man on the moon first. And then it follows sort of the develop of the NASA program over the subsequent several decades. How is the situation?”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“It just started. So, you know, we usually watch one show a night. That's us also. That's sort of our tolerance. It's a great way to just unwind at the end of the day”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm in the second season. Right. Sometimes it's things like Poker Face, which is on Peacock. Another one we're watching my wife and I now, Mr. and Mrs. Smith.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“All right, I know I usually stream things, television series that strike my fancy right now. Right now it's a little bit of a, you know, sometimes it's a little bit of science fiction like Foundation”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Of 2023 with respect to Silicon Valley Bank and a number of other banks. In January, we published a report. We basically argued for a number of reforms that need to be made. And I've been talking to the people at the Fed and elsewhere and trying to get some traction for some of the proposals that we made.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Group of 30 is a group of people. It's an organization that was set up several decades ago of people that are either currently very senior in academia, policy, or were involved in academia and policy at a very senior level. People like Paul Volcker was a member of the group of 30. Jean-Claude Chachet is a current member of the group of 30, you know, Mark Carney is the person who's in charge of running the group of 30 from a member perspective. So there's a lot of senior people that focus on important issues of the day. So for example, a number of months ago, the group of 30 asked me to lead a project on financial supervision reform. What should we do in terms of the regulatory policy with respect to the banking system in light of what happened in March?”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Those things, the Brent and Woods Committee, I'm the chair, and we've been broadening out the work that we do at the Brenton Woods Committee. I mean, just tell you what the Brent Woods Committee is about. It's basically dedicated to the notion that international cooperation and coordination lead to better outcomes. So along the lines of what Paul said in his 60 minutes interview, and basically trying to build strong international institutions that can facilitate cooperation on important issues like financial stability, climate change, digital finance, health, trade, where countries working together can lead to better outcomes. So the Bretton Wits Committee, it's been growing. The work has been expanding. We're doing work on digital finance, climate finance, sovereign debt, future of the multilateral financial institutions like the World Bank and IMF, what should their role be going forward?”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“I think 01 was really also 9-11 was really a significant event and that I think provoked a more much more aggressive Fed. I think the Fed is aware of what the bond market's doing, aware of what the stock market's doing because that affects the transmission of monetary policy to the real economy. But they don't have a view that we need to target a particular level of the stock market or the bond market. That never comes up as an issue. It's not like the stock market went down 10% tomorrow. It's not like this, the Fed would go, oh, we need to change monetary policy. If it went down 25% or 30% and stayed persistently lower.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“The Fed's going to react to the stock market if the Fed thinks the stock market's gone down far enough, persistently enough to affect the real economy, to impede the ability of the Fed to achieve its inflation and employment objectives. The Fed doesn't care about the stock market itself. It cares about how the stock market affects the real economy.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think, as Paul has said many times, monetary policy in the US works through financial conditions. And two key components of financial conditions are the bond and stock market. So if the bond market yields are low, the stock prices are high and rising. That's making financial conditions more accommodative, and that's actually supporting the economy. So the Fed's going to take that into consideration. So, you know, we talked earlier about why the Fed hasn't moving yet because they want to be confident they're going to actually achieve their 2% objective. They're not moving yet because the labor market is strong, but they're also moving yet because financial conditions have eased a lot. And so the market's doing quite a bit of work for the Fed, even before the Fed actually has cut interest rates. So the Fed, you know, I don't think it's important to understand that the Fed doesn't really target financial market prices. So people sometimes say, well, if the stock market goes down, the Federal Reserve is going to react to that. No.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“As long as the income on the property covers the interest on the loan, the borrower isn't going to default. When the loan comes due, though, the lender typically says, hey, your building is worth 40% less than it was before. I'm sorry, we're not going to lend you as much money. You need to come up with more collateral. And at that point, the borrower might say, I don't have the collateral. The building's yours. And so then that crystallizes in a loss for the commercial bank. I think there are definitely commercial banks that are going to have trouble due to their concentrated commercial office building portfolio. But I don't view this as big enough or fast enough to really be systemic from a financial stability perspective.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I would define it more narrowly than commercial real estate. I would define it as office building space because that's really where you have very high vacancies rates, very underutilized resource and prices are coming down, especially for Class B and Class C buildings, not the best stuff coming down quite significantly. You're absolutely right. This is sort of a slow burn rather than a fast burn because the problem typically arises not immediately. It arises when the mortgage has to be or the commercial real estate loan has to be refinanced.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“It's coming. It's coming. Right, but the question is is it temporary or is it more persistent? So to figure that out, we have to look at the housing market. So how is the housing market performing? Well, the housing market actually looks like it's starting to come back. Why is it coming back? Because mortgage rates have fallen by one percentage point. And so that's actually stimulating the housing sector. So I think the interesting question is not just what's the next chapter as this stuff feeds through the CPI. It's what's the chapter after that.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Every year or two. And so they have to reprice before they get into the, so it's that lag, you know, rents repriced instantaneously, then everything would be sort of up to date. But rents repriced slowly when the lease comes due. And so it's lagging behind reality. So this is something that's going to probably feed into the core PC deflator and keep inflation a little bit lower over the next six to 12 months, but is it really real in terms of what's actually actually happening to inflation on the ground? It's probably going to be a little bit misleading.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“It was a couple six months of quarter or two. It's six months, at least six months. Because the rent's only repriced periodically, right? Every”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“For shelter, but it doesn't include you've already sort of right, it's already in your budget, it's already in your budget, exactly. So I think this is one reason why the Fed puts more emphasis on the personal consumption expenditure deflator, because it has a much lower weight for shelter. But you're right, the lags here are sort of crazy. So one reason why we're going to see lower core PCE deflator and lower core CPI over the next 12 months is because rents did come down. And then with a lag of about a year or so.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think you've underscored some of the shortcomings of owner's equivalent rent as both in terms of timeliness and also in terms of, you know, it's not even a cash outlay that people are making. So when you start thinking, Well, I'm not really renting my house from myself. So you're absolutely right.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“So, when all of us go up or down, it seems to affect the people's inflation expectations through the TIFS market five years from now, which makes no sense. Part of the problem is also the liquidity of the TIFS market is different than the liquidity of the nominal treasury market. And so that also can cause some noise in terms of your measurement. But, you know, two separate sets of numbers. And then you also have professional forecasters. What do they think? So that's a third set. And so you look at these three pretty disparate sources of information on inflation expectations. You can get a pretty good sense of, you know, is it broadly stable or is it moving in a bad way?”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Occasional big divergences. I think they correlate well in the large, but I don't think they correlate well at all in the small. I mean, one example is people look at Tipshields and they look at what's called the 5x5 forward rate. So what's inflation going to be five years from now for the next five years? And that five-year Ford inflation rate moves along around with current oil prices.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Out of that cycle. And one good thing is, too, we have other ways of measuring inflation expectations now that we didn't have 30 years ago. We have the TIPS market, so we can look at TIP shields versus nominal treasury yields, and we can sort of calculate what are people willing to pay for inflation protection. And that gives us a sense of how much inflation is embedded into people's expectations, market expectations.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I don't think that, I mean, I think you're right that people don't have a really good sense of, and we talked about earlier price level versus rate of inflation. But it's interesting to see how their views change over time. So it's probably not the level of what they perceive inflation is going to be over the next 10 years that's interesting. It's whether they think it's higher or lower than it was a month ago, six months ago, a year ago The reason why inflation expectations are so important is that if people think inflation expectations are truly going to be higher, then that's going to set the wage setting process and wages are going to be higher. And if wages are going to be higher, that's going to feed into prices and that's going to cause actual inflation to be higher.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Small, not large, not persistent movements in markets that maybe the Fed could have looked past. Now that said, I mean, his track record was really good. I mean, I think the blind spot was really just more about not having this view that we can identify bubbles and we should deal with bubbles in real time rather than waiting for the bubble to burst. And that was his big mistake. If you think about when Ben Bernanke came in in 2006, the die was already cast in terms of what was going to happen at that point. It's just what no one had yet recognized it.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“The I I think that's fair, but at the same time, I think Greenspan did a reasonable job of keeping inflation in control. So the consequences of coming to the market's aid to smooth out market dysfunction didn't have a really negative consequence for inflation. So I think he sort of mostly got away with it. But I agree with you. He's probably a little bit more. Willing to address relatively, you know.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think you would have had a smaller bubble. Maybe you'd have less financial innovation. You could wait against some of the AAA CDO stuff. I mean, some of the innovations in the financial industry in terms of products also contributed to the bubble, right? Because you managed to sell all these, you took a bunch of bad subprime mortgages, then you tranched the cash flows and turned these subprime mortgages into 70% AAA rated securities. And so that sort of kept the whole thing going. So the financial engineering was also an aspect of the problem that contributed to the bubble.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“And the Felte and Subprime came from. And the Fed actually did have some authority in terms of regulating the mortgage market, authority that they didn't really use. Ned Graham was the governor at the Fed, and he sort of brought his concerns. Oh, boy, did he? To Alan Greenspan, and nothing really, really happened. I mean, even when I was at Goldman Sachs, and working with my successor, Jan Hostis, we were very focused on how this housing bubble was fueling consumption through what was called mortgage equity withdrawal. People were basically taking their appreciated gains in their houses and they were pulling it out in terms of HELOCs, home equity loans. And we felt that that was also contributing to stronger consumption. And this was going to potentially end quite badly.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Standards. If we'd done that, we would have had a much smaller housing bubble and we would have had much less damage when that bubble collapsed in 2008. So my view has always been let's try to be a little bit more proactive. Now the problem with being proactive is how do you know it's a bubble? And the reality is you don't. And so it's very hard to convince people to take proactive steps to deal with sort of incipient problems because you can't really be sure with 100% confidence what's actually going on.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“So there's been a big debate going on for many, many years about how should the Fed respond to financial imbalances in the economy? How should they respond to sort of incipient bubbles? The Greenspan view was it's very hard to recognize bubbles. It's not clear how you rein them in. So the best thing to do is just sort of let the bubbles run their course and then clean up after the bubble collapses and you're in the bus period. My view has been very much that no that's not a great strategy because the bursting of the bubble can cause a lot of financial knock-on effects. And so better to identify the bubble in real time and try to sort of rein that bubble in. And I think if you look at the 2004-2007-8 period, boy, it would have been really good if we'd done something about subprime mortgage lending, about mortgage underwriting.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Congress and what the Fed did. And you had a very long expansion. I mean, the reality is the expansion would have kept going except for the COVID pandemic.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“But If you really look at where we were on the eve of the pandemic in February 2020, it was a pretty good place. And the fact that it's”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“You mean corporations everybody? Households mostly, but also businesses. They're just a tremendous amount of damage caused by that very deep recession. Think of all the households who came out of that period where the value of their mortgage was higher than the value of their home. Think of all the people that were delinquent on their obligations. And so then got bad credit scores. And then that reduced their access to credit. So there were a lot of headwinds. The other thing that happened was fiscal policy that was eased pretty dramatically when Barack Obama became president. That got clawed back very, very quickly in 2011 and 2012. So there were fiscal headwinds that we haven't faced this time around that also held the economy back. So you're absolutely right. The Fed's challenged during that period was to make monetary policy accommodative enough to support the economy sufficiently to keep inflation at 2%. Now, the Fed fell a little bit short of their inflation objective.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the problem coming out of the great financial crisis was how much damage was done to people's balance sheets and to their credit scores. When you say people”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. So it's just not going to happen. This is sort of an academic debate. I don't think it's a true Federal Reserve debate.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Federal funds rates over five and a quarter percent. So if the economy gets in trouble over the next year, the Fed has plenty of room to cut rates before they get to the zero lower bound for just.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Congress sets the mandate for the Fed, and they define it as price stability. The Fed has stretched that a bit to call that 2% inflation. I think stretching it a little bit farther to call it 3% inflation, that's a bit of a stretch. The second reason I think that they're not going to move from 2% inflation is it's taken the Fed a long time to get inflation expectations anchored around 2%. If you move from 2% to 3%, all sudden inflation expectations become unanchored. And it's not obvious that you can get them reanchored back at 3%, because if you're willing to change the target once. Why couldn't you change the target again, especially in a situation where the The last reason why I don't think they're going to do it is there's plenty of room to cut interest rates.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“People who are arguing for a higher inflation target today are basically arguing like it would be better to have even more room for the Fed to cut rates. Because if the inflation target was three rather than two, the peak federal funds rate in the cycle would be at one percentage point higher. So the Fed would have more room to cut rates. I think there's virtually no chance that the Fed's going to change their 2% inflation objective. Virtually no chance. And there's a couple of reasons for that. Number one”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“But you're right. It was arbitrary. They could have picked a different number. They could have picked 3% or 1%. The reason why you want to have a little bit of inflation is it really allows you to do two things. Number one, it provides a little bit of Greece in the labor market because people don't like their nominal wages to be cut. But relative wage rates have to change. And so if you have a little bit of inflation, it makes the labor market work more efficiently in terms of allowing wage adjustments that allow workers to be distributed appropriately. So that's the first thing. The second reason why you want a little bit of inflation is that if you have a little bit of inflation, the nominal federal fund rate can be a little bit higher. And so when you go into an economic downturn, the Federal Reserve has more room to cut interest rates before they hit the zero lower bound for interest rates of zero.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's true that the Reserve Bank of New Zealand started by picking the 2% number and then other central banks followed. But I think there are some logical reasons why they followed. 2% was low enough that inflation wasn't going to be sort of important component of people's thinking in terms of their consumption investment decisions. 2% inflation in the U.S., I think the Fed could argue that that was mostly consistent with price stability prices are going to double at 2% inflation compounded every 35 years.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, all the supply chain disruptions that we had a few years ago caused by that shift in demand from services to goods that just sort of overwhelmed the capacity of the world to bring those goods to the US in a timely way. That's all unwound at this point.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's one reason why the communists staying relatively strong. I mean, as inflation comes down and nominal wages, you know, inflation comes down maybe a little bit less slow, more slowly. Real incomes increase, and that supports the consumer spending. So I think the unwinding of goods price pressures, which is really the big driver of why inflation has come down, that's sort of a windfall for consumers right now. And so that's actually sustaining real consumer spending.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source
“People coming back into the labor force and also immigration, legal immigration into the U.S. picked up dramatically last year. I mean, essentially, we didn't have much legal immigration at all during the COVID period. And then all of a sudden we get a big bubble of that in 2023. And so what you've had is big, strong growth in payroll employment, but it hasn't translated through into a decline in the unemployment rate. So looking at the unemployment rate, the labor market is no tighter than it was a year ago, which is a huge positive benefit to the US economy and to the Fed. Because if we'd had that growth in payroll employment without the increase in the labor force, the labor market would be too tight, wages would be too high, and the Federal Reserve would still be worried about it too high inflation.”
2024-02-15 · Masters in Business · Bill Dudley on Monetary Policies · IDENTIFIED FROM THE TRANSCRIPT · source