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ECB's de Guindos: Inflation evolution is positive and services is easing
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*GOOLSBEE: SERVICES INFLATION TURNING UPWARD IS 'DISTURBING' *FED'S GOOLSBEE: SEPT. DATA SHOW LABOR MARKET COOLING BUT STABLE *GOOLSBEE: UNEASY FRONT-LOADING CUTS, NOT HAWKISH IN MEDIUM-TERM FED’S GOOLSBEE SAYS THE LAST THREE MONTHS OF INFLATION HAVE BEEN AT BEST STEADY AND IN SOME MEASURES WORSE; SAYS OFFICIAL GOVERNMENT DATA IS A “MESS” AND WARNS THERE IS MORE RISK FROM LACK OF VISIBILITY ON INFLATION THAN ON THE LABOR MARKET, WHERE MORE ALTERNATIVE DATA IS… Fed's Goolsbee: When I voted for the Fed's October rate cut, I presumed the job market was cooling gradually. FED OFFICIAL GOOLSBEE STATES HE IS NOT HAWKISH ABOUT MID-TERM RATES AND PREDICTS INTEREST RATES WILL SETTLE LOT LOWER THAN NOW
NEW YORK FED'S WILLIAMS: FED CAN STILL CUT RATES IN THE NEAR TERM GIVEN CURRENT POLICY IS MODESTLY RESTRICTIVE WILLIAMS: INFLATION PROGRESS HAS STALLED, BUT SHOULD BE ON TRACK TO 2% IN 2027 *FED'S WILLIAMS STILL SEES ROOM FOR A NEAR-TERM RATE CUT 
Williams: Navigating Unpredictable Terrain Good morning. It’s a pleasure be here to celebrate the 100th anniversary of the Central Bank of Chile. The topic of my remarks today is inflation targeting, which is both an important part of Chile’s central banking history and a core foundation of successful monetary policy. Most central banks around the world have adopted inflation targeting regimes over the past 35 years, and Chile was among those leading the way. Although specifics vary across jurisdictions, these strategies share three principles: independence and accountability, transparency and the clear communication of an inflation target, and well-anchored inflation expectations, gained from the credibility that central banks build over time.1 Today I will discuss the success of inflation targeting strategies in helping central banks achieve price stability and better economic outcomes. I’ll also talk about how these strategies were critically important in managing uncertainty after the onset of the COVID-19 pandemic—and how they helped countries bring inflation down while minimizing disruptions to financial markets and economies. Fed's Williams: Tariffs adding half to three-quarter PPT to inflation
Williams: Navigating Unpredictable Terrain Good morning. It’s a pleasure be here to celebrate the 100th anniversary of the Central Bank of Chile. The topic of my remarks today is inflation targeting, which is both an important part of Chile’s central banking history and a core foundation of successful monetary policy. Most central banks around the world have adopted inflation targeting regimes over the past 35 years, and Chile was among those leading the way. Although specifics vary across jurisdictions, these strategies share three principles: independence and accountability, transparency and the clear communication of an inflation target, and well-anchored inflation expectations, gained from the credibility that central banks build over time.1 Today I will discuss the success of inflation targeting strategies in helping central banks achieve price stability and better economic outcomes. I’ll also talk about how these strategies were critically important in managing uncertainty after the onset of the COVID-19 pandemic—and how they helped countries bring inflation down while minimizing disruptions to financial markets and economies. Fed's Williams: Tariffs adding half to three-quarter PPT to inflation
ECB's President Lagarde: Fiscal packages will have a measurable growth effect ECB's President Lagarde: ECB cuts are increasingly supporting financing conditions ECB's President Lagarde: ECB will continue to adjust policy as needed ECB's President Lagarde: ECB is playing its part by delivering price stability From resilience to strength: unleashing Europe’s domestic market I would like to start with a quote: “The world around us does not stand still. In recent years, the global environment has been transformed in ways that none of us could have imagined. We have seen the post-war global order fracturing, the rise of new – and some old – powers, rapid changes in technology, and an uncertain outlook for global trade and finance. Uncertainty abounds and conventional wisdom is being challenged, in politics, in diplomacy and in economics. And, unavoidably, this calls on Europe to consider its place in the world and reset its ambitions.” This may sound like the kind of passage you have heard in many speeches this year. But, in fact, it is from the first speech I gave as ECB President – at this very conference in November 2019.[ 1 ]
From resilience to strength: unleashing Europe’s domestic market I would like to start with a quote: “The world around us does not stand still. In recent years, the global environment has been transformed in ways that none of us could have imagined. We have seen the post-war global order fracturing, the rise of new – and some old – powers, rapid changes in technology, and an uncertain outlook for global trade and finance. Uncertainty abounds and conventional wisdom is being challenged, in politics, in diplomacy and in economics. And, unavoidably, this calls on Europe to consider its place in the world and reset its ambitions.” This may sound like the kind of passage you have heard in many speeches this year. But, in fact, it is from the first speech I gave as ECB President – at this very conference in November 2019.[ 1 ]
