Dallas Fed President Rob Kaplan on the Economy and Monetary Policy Right Now
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 9 August 2021
⏱️ 54 minutes
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Summary
The economy is in uncharted territory in more ways that one right now. Coming out of the worst of the pandemic, we're seeing a rapid pace of GDP growth, along with elevated inflation readings the likes of which we haven't seen in years. Beyond that, policymakers have engaged in historically aggressive fiscal and monetary expansion. The Fed, in particular, is almost a year into a new framework (unveiled last August at Jackson Hole) that aims to avoid certain mistakes of the past. So we sat down with Rob Kaplan, who has been the President of the Dallas Fed since 2015, to get his assessment of the situation right now.
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| 0:30.0 | Hello and welcome to another episode of the Adlots podcast. I'm Joe Wyzenthal. |
| 1:00.0 | And I'm Tracy Alloway. Tracy, you had a great piece. I want to say this morning for a blog about |
| 1:06.0 | some of the interesting dynamics happening in the economy right now. Oh, thank you. I really appreciate |
| 1:12.5 | that. Yeah, no, we're in this weird moment. We're obviously, at least on a headline basis, |
| 1:18.0 | the economy still seems to be growing very rapidly out of the pandemic. Delta variants aside, |
| 1:25.6 | and we'll see how the effects that those have. On the other hand, we are seeing inflation in a |
| 1:31.2 | way that we really haven't seen in years. And there's significant debate about why that is the |
| 1:37.2 | degree to which policy is contributed to that inflation, the degree to which policy should |
| 1:41.6 | humiliate that inflation. And of course, as you sort of discussed at a very big picture framework |
| 1:47.6 | in that piece, there's just these sort of like these bigger questions about supply side capacity |
| 1:53.6 | and the various log jams and supply chain bottlenecks that we're seeing really all over the place |
| 1:59.2 | right now. Totally. So I think I called it the choke point economy in that piece and the idea is |
| 2:06.2 | that even though on an absolute level, you know, economic growth looks pretty good, there's a lot |
| 2:12.8 | of stuff being produced in the economy on an absolute level, but on a relative basis, you can see |
| 2:19.2 | these blockages, these shortages showing up in lots of different things and in ways that are not |
| 2:25.2 | always productive or helpful to society or the wider economy. And so the question then is do |
| 2:31.9 | governments and policymakers start to step in to try to relieve some of those blockages? |
| 2:39.3 | Yeah, and there are so many interesting policy things. And you know, this is of course something |
| 2:43.8 | that we've talked about a long time. There is the Fed's new framework seems to be much more |
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