Scott Garrett Quotes

I don’t think that the Fed [Federal Reserve] ever can be or should be a prisoner of the markets.

The markets are much more interested in America's long-term trajectory than they are in feeling that there is an acute short-term crisis.

The Federal Reserve cannot solve all the economy's problems on its own.

The phrase 'perception is reality' is overused generally. But perception can be reality in monetary policy. The bond market doesn't act merely on what it sees. It acts on what it expects of the Fed or the government.

I believe that the market is slowly waking up to the fact that the Federal Reserve is a clueless organization. They have no idea what they're doing. And so the confidence level of investors is diminishing, in my view.

There's no other job in public life that is like chairman of the Fed.

The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.

The Fed's independence is critical.

Our focus is on ensuring America has the strongest economy in the world for the next 100 years and to do that, we need to get to the role of the Federal Reserve and we need to get it right.

I’ve always been a little nervous about the Fed. Quite frankly, I’m a little nervous about the degree of their independence.

I don't have any influence over the Fed [Federal Reserve System], none at all. It's carefully isolated from any influence by the President or Congress.

To some extent the Federal Reserve considers itself government. Other times, when it serves, it considers itself not government.

If you move up the timetable of when we disclose the transcript of our Open Market Committee, … you will affect what is said and the way that it is said.

Financial markets will tolerate a Republican deficit but will run screaming in panic from a Democratic deficit a fraction its size.

The Fed [Federal Reserve] is the world’s largest hedge fund.

If you believe in free markets, why do we have to have the Federal Reserve set interest rates?

What would happen if the markets suddenly questioned our ability to keep public finances in check? What would be the effect on growth?

The Federal Reserve's monetary policy objective is to foster maximum employment and price stability. In this regard, a key challenge is to assess just how far the economy now stands from the attainment of its maximum employment goal.

Federal Reserve officials have stressed the importance of the Fed's independence. But such independence does not mean that it is immune from Congressional oversight.

Whenever global economy is reasonably doing well, the investment flows.

The only way to ensure that inflation expectations remain safely anchored near the FOMC's target is to keep inflation close to that target on a consistent basis.

Monetary policy should remain data dependent, be well communicated, and ensure that inflation expectations remain anchored.

The Fed is the greatest hedge fund in history.

The Federal Reserve is the overlord of the money supply. If these two are not steering in the same direction, they can either neutralize each other or have the economy lurching in all directions. This is not a rational system for setting economic policy. It has given us trouble in the past, as the text will establish, and will inevitably in the future.

There is an enormous thrust in our time to have a simple answer. And that simple answer is that all depends on Alan Greenspan and the Federal Reserve. And Alan, who is an old acquaintance of mine, is a marvelous performer in the impression he gives of enormously great perception.