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" Businesses and households react to lower rates by investing and spending more. Lower rates also support the prices of housing and financial assets such as stocks and bonds. "

Jerome Powell

React

Housing

Financial

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" Higher asset prices increase wealth and, with a lag, induce higher spending. "

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" I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation. "

Jerome Powell

Simple

Activity

" Long-term economic growth depends mainly on nonmonetary factors such as population growth and workforce participation, the skills and aptitudes of our workforce, the tools at their disposal, and the pace of technological advance. Fiscal and regulatory policies can have important effects on these factors. "

" Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed. "

" While the move to central clearing has made the system safer, we need to make sure that the central counterparties have the resources and risk-management practices to withstand plausible but severe shocks. "

" Our discussions of the economy may sometimes ring in the ears of the public with more certainty than is appropriate. "

" The banking industry has traditionally been characterized by physical branches, privileged access to financial data, and distinct expertise in analyzing such data. "

" The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies. "

" There is certainly a role for regulation, but regulation should always take into account the impact that it has on markets, a balance that must be constantly weighed. "

" An efficient payments system provides the infrastructure needed to transfer money in low-cost and convenient ways. Efficient systems are innovative in improving the quality of services in response to changing technology and changing demand. "