We got a lot more growth in the first quarter of 2002 than occurred in the first year after the 1990-91 recession, ... The economy grew near 4 percent in the first half of this year. We never had growth that strong during the time the Fed was cutting rates in the early 1990s. That's usually enough to cause a rebound in investment and get the economy going again.
More Quotes from Laurence Meyer:
The Committee continues to see the removal of accommodation as the focus of policy and has given no indication that it is close to the end of that process,Laurence Meyer
The balance of aggregate demand and sustainable supply today and the distinct possibility that labor and product markets will tighten further suggest an unacceptable risk of overheating and, therefore, higher inflation in the future,
Laurence Meyer
It was the same policy message but with a little innovation in communication.
Laurence Meyer
That appointment got people scurrying back to their probability tables for the next Fed chairman, thinking the net might be wider and the person picked might be less credentialed, and that got people nervous.
Laurence Meyer
He may not be as heavy-handed with policy decisions. The outcomes of the meetings may be more democratic, at least for a time.
Laurence Meyer
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