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Vice Chair Clarida Delivers Friday Snoozer As Fed Looks To Coast Into October Rate Cut
Fed Vice Chair Richard Clarida spoke Friday in Boston, at a conference sponsored by the CFA Institute, and to nobody's surprise, delivered a snoozer.
Clearly keen to avoid rocking any boats or upsetting any applecarts headed into the weekend, Clarida repeated that the domestic economy is in a "good place" but noted "evident risks".
Those risks include slowing business investment and, of course, the manufacturing slump that's manifested itself in two consecutive sub-50 ISM prints. Services are
Pondering interesting structure at the Fed:
Committee on Financial Stability
Chairman (vacant)
Governor Brainard
Vacant
Old Forbes post, Dec 6, 2017 ==> “When Trump took office, the Board of Governors had two vacancies and five members: Janet Yellen, Stanley Fischer, Lael Brainard, Jerome Powell and Daniel Tarullo.
Fischer and Tarullo both resigned this year. The Senate confirmed Randal Quarles as a board member and as vice-chair for supervision. So that leaves the membership at four as of now. (Randy put in place to destroy Dodd-Frank)
Sometime in January or by February 3, the Board of Governors might drop to only three members: Powell, Brainard and Quarles. There’s an outside chance it could drop to two, since Quarles holds a partial term that ends January 31, 2018.”
Update: Quarles took office as a member of the Board of Governors of the Federal Reserve System on October 13, 2017, to fill an unexpired term ending on January 31, 2018. He was reappointed to the Board and sworn in on July 23, 2018, for a term ending January 31, 2032.
Also see October 1, 2019 from reuters: “At times I have been in the middle of the committee. At times I have been on either end of the spectrum depending on the economic situation,” Bullard said last week following a Chamber of Commerce luncheon in Illinois. “I think I have demonstrated my credentials as far as calling my own shots.”
==> Anyone taking money from Chamber of Commerce is highly suspect and unworthy — not to metion the fact that Bullard is ranked as a crappy economist, lacking in experience — but he’s apparently available to take money from highly radical politicized institutions that are involved in such great efforts as:
Citizens United
Opposed the Affordable Health Care for America Act.[24] (Introduced 03/20/2017)[43]
Opposed the Clean Power Plan.[44] (added new bullet point) (On March 28, 2017)[45]
Opposes the DISCLOSE Act, which aims to limit foreign influence on U.S. elections.[49] (House – 06/27/2018)[50]
Qualified opposition to financial regulation.[24
etc ….