The podcast features a speech by Governor Chris Waller on the U.S. economic outlook and monetary policy, followed by a Q&A session. Waller discusses data interpretation, labor market fragility, inflation, and the potential for a rate cut in December, emphasizing risk management and the importance of both hard and soft data. During the Q&A, Waller addresses topics such as future rate cuts, the Fed's balance sheet, quantitative tightening, alternative data, the psychology of the FOMC, sources of economic weakness, groupthink within the Fed, the neutral interest rate, fiscal policy, and potential changes to monetary policy in light of the COVID-19 experience. He also touches on the impact of fiscal stimulus and tariffs, and the challenges of using a single policy instrument in a K-shaped economy.
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