Cliff Noreen
Showing 1–2 of 2 transcripts.
- Milken Institute1h 1m
Monetary Policy: Forward Guidance on the World's Central Banks
Dave, Brian Sack, Janet Yellen, Mike, Athanasios, Cliff Noreen, Jeremy Stein, Dan Tarullo, Mario Draghi
Chair Janet Yellen and FOMC panelists addressed critical shifts in central bank communication, debating the efficacy of dot forecasts versus probability distributions while navigating the transition from a zero-rate regime to imminent tightening. Discussions on economic slack highlighted a pivot toward viewing labor force participation gaps as largely structural, sparking debate over secular stagnation theories and the risks of anchoring policy to negative equilibrium rates. Amidst record corporate debt levels and a historic divergence between the Fed's normalization efforts and the ECB's accommodative stance, experts forecast a gradual rate hike trajectory for 2016 despite persistent uncertainty regarding future inflation dynamics.
- Milken Institute1h 1m
Central Banks: Is Quantitative Easing Becoming Quantitative Exhaustion?
James McCaughan, Cliff Noreen, Tad Rivelle, Aram Shishmanian, Kevin Warsh, David Zervos, Jim McLaughlin
A panel of financial experts consensus agrees that while aggressive quantitative easing was necessary to prevent a 2008 collapse, the policy subsequently shifted to generating diminishing returns and exacerbating wealth inequality. Speakers like Kevin Warsh and Jim McLaughlin warn that continued reliance on monetary stimulus has stalled structural reforms, distorted asset prices, and risked a deglobalization wave driven by competitive currency devaluations. Consequently, investors are urged to adjust strategies toward non-traditional fixed income and hedging instruments in anticipation of eventual rate hikes and an exit from the current era of central bank dominance.