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Jeremy Stein

Showing 1–2 of 2 transcripts.

  1. Goldman Sachs25 min

    Central bank tightening: what could break?

    Allison Nathan, Jeremy Stein, Vítor Constâncio

    Former Federal Reserve officials Jeremy Stein and Lyle Brainard, alongside ECB Vice President Vitor Constancio, assert that the Federal Reserve and European Central Bank must prioritize fighting inflation over preemptive financial stability measures while navigating Quantitative Tightening risks. These experts warn that structural fragilities, including sovereign bond liquidity shortages in the US and complex energy-driven inflation in Europe, could trigger market instability if central banks fail to adapt tools like standing repo facilities or manage open-end fund vulnerabilities. Despite acknowledging that tightening cycles are expected to peak at 5% for the Fed and 3% for the ECB, the panelists caution that the absence of 2020-era fiscal backstops may amplify the impact of future credit events.

  2. 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.