Randal K Quarles: Optimism in the time of COVID

Speech (via webcast) Mr Randal K Quarles, Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System, at the 2020 Virtual DC Summit, Institute of International Bankers, Washington, DC, 23 September 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
24 September 2020
by Randal K Quarles
PDF full text
(191kb)
  |  14 pages

I want to thank the Institute of International Bankers for inviting me to discuss the outlook for the global and U.S. economies at what I believe is an important juncture in the evolution of what I refer to as the "COVID event": the outbreak of COVID-19 and the government and social response to it.

First, I will discuss the global economy before turning to our domestic economy and its outlook. From there, I will discuss my views on monetary policy, including the new long-run monetary policy strategy recently announced by the Federal Open Market Committee (FOMC). And I will wrap up with a brief discussion on financial stability and regulatory issues.