Cleveland's Fed: "Now is the time to act."

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15 segments

0:00

don't think policy is restrictive,

0:01

meaningfully restrictive. I look broadly

0:03

across the financial markets, when I'm

0:05

talking to businesses, I'm not hearing

0:07

that they're sensing any restraint from

0:08

investments in growth based on where

0:11

interest rates are. And so, to me that

0:13

says that now is the time to act. The

0:14

longer that we wait, the longer that we

0:16

are missing on our inflation target, the

0:18

harder it will be for us to bring

0:19

inflation back down to that 2%

0:20

objective, and the more costs that are

0:22

going to be incurred by the American

0:23

public over that period of time.

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The speaker believes current policy is not meaningfully restrictive, as businesses are not sensing restraint from interest rates. They emphasize the urgency to act now, stating that delaying will make it harder to achieve the 2% inflation target and will result in increased costs for the American public.