Surveillance: Fed's Balance Sheet With Dudley
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 22 June 2020
⏱️ 32 minutes
🧾️ Download transcript
Summary
William Dudley, Former New York Federal Reserve President and Bloomberg Opinion Columnist, warns that a $10 trillion Fed balance sheet could be coming, but says the risks seem manageable for now. James Sweeney, Credit Suisse Chief Economist, says housing inflation is likely to put pressure on U.S. inflation. Patrick Foye, MTA Chairman & CEO, describes the health precautions being taken in the New York City subway system as the city moves into phase 2 of its reopening plan. Jane Foley, Rabobank FX Strategist, says if the markets stay optimistic due to central bank funding, the dollar will suffer.
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Transcript
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| 0:00.0 | There's so much news happening around the world that we're somehow supposed to stay on top of. |
| 0:05.5 | That's why we launched The Big Take. It's a daily podcast from Bloomberg and I Heart |
| 0:11.4 | Radio that turns down the volume a bit to give you some space to think. |
| 0:16.5 | I'm Wes Kossova. |
| 0:18.0 | Each weekday I dig into one important story and talk about why it matters. |
| 0:23.7 | Listen to the big take on the I Heart Radio app, |
| 0:26.6 | Apple Podcasts, we bring you inside. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene. |
| 0:43.4 | Daily, we bring you insight from the best in economics, finance, investment, |
| 0:47.8 | and international relations. |
| 0:49.8 | Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg.com, and of course, on the |
| 0:56.5 | Bloomberg. |
| 0:57.5 | Right now, we want to have a conversation with the former President of the New York Fed. |
| 1:02.2 | And as I said earlier, Bill Dudley |
| 1:04.4 | has done a public service this morning. |
| 1:06.3 | I believe it's a two-part essay for Bloomberg Opinion. |
| 1:09.7 | And its essay today is a tour to force of clarity on what we're doing moving from 4 trillion to 7 trillion and indeed out to a possible $10 trillion balance sheet of our central bank. |
| 1:25.0 | Every Econ 101 student should be required to read the Dudley essay. |
| 1:30.9 | Bill Dudley, congratulations on the clarity that we've known for years |
| 1:34.6 | from your work at Goldman Sachs. What is the singular distinction of what |
| 1:39.5 | Chairman Powell needs to do forward with a presumed $10 trillion balance sheet. |
| 1:45.0 | Well what it means is we're going to have a lot of excess reserves in the banking system, |
| 1:49.8 | a lot of deposits in the banking system, and that's going to create some anxiety that that |
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