Robert Steven Kaplan, former President & CEO of the Federal Reserve Bank of Dallas, joins Forward Guidance to share his views on the U.S. economy, banking system, and the Fed itself.
Filmed on June 12, 2023, two days before the end of the meeting of the Federal Open Market Committee (FOMC).Robert Kaplan’s website: https://www.robertstevenkaplan.com/
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Timestamps:
(00:00) Introduction
(00:22) Pause Likely at June Fed Meeting, According To Market Pricing
(01:16) Why Kaplan Voted Against Ultra-Loose Monetary Policy (September 2020 Dissent re: Forward Guidance & Flexible Average Inflation Targeting)
(05:02) Fed Has Slammed On The Brakes
(06:40) Did Fed Action Exacerbate Banking Stress?
(15:13) How Fed Thinks About Inverted Yield Curves
(16:53) Global Economic Recovery, April 2020 to Present
(24:02) Did The Fed "Monetize" The U.S. Debt?
(25:10) Future Economic Outlook
(29:25) In-Depth Thoughts On Banking Turmoil
(39:36) Deposit Outflows Will Depend on The Credit Cycle
(41:32) Interal Politics At The Federal Reserve
(50:56) Fed Cuts Are Off The Table For Now
(53:08) How Closely Does Fed React To Stock Market (vs. Credit Market)?
(55:08) Inflation, Oil, and Energy Policy
(59:34) Venture Philanthropy & Venture Capital
(01:02:41) Closing Thoughts
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
