Federal Reserve Chairman Warsh:
① Employment – The labor market is stable, and economic demand is strong.
② Policy – He declined to comment on whether there would be a rate hike in July, stating there would be ample debate.
③ Balance Sheet – It's no secret that I expect the Fed's balance sheet to shrink.
④ Forward Guidance – We will pave a new path, reiterating that we will not provide forward guidance, at least in the short term, but we will retain the dot plot.
⑤ Inflation – Inflation expectations and risks have declined in recent weeks; the Fed is committed to reducing inflation to its 2% target.
⑥ Reform – There may be news next week regarding the appointment of task force leaders. We hope to achieve data-driven policymaking within a year.
⑦ Artificial Intelligence – Artificial intelligence has led to a surge in capital expenditure and a significant increase in demand. There is currently insufficient information to determine whether it is inflationary.
Bank of England Governor Bailey:
① Inflation – Energy prices have fallen.
② Forward Guidance – Forward guidance has become quite tricky after a period of time.
③ Employment – Economic activity and the labor market are slowing; the output gap is widening.
④ Balance Sheet – The goal is to remove interest rate risk from the central bank's balance sheet.
⑤ Artificial Intelligence – Whether AI will create or destroy jobs remains undecided.
⑥ Policy Issues – Interest rate cuts are not currently being considered. Policy has already been tightened without raising rates.
ECB President Lagarde:
① Economic Issues – Europe is not in a state of stagflation.
② Artificial Intelligence – Europe and the US are interdependent in AI.
③ Forward Guidance – My only regret is that we were constrained by forward guidance in the past.
④ Inflation Issues – The risks to inflation and economic growth in the Eurozone are now more balanced than they were a few weeks ago.
Bank of Canada Governor Macklem:
① Economic Issues – The Canadian economy is weak. Stock valuations appear too high.
② Inflation Issues – Inflation is significantly above target. Inflation expectations will be kept stable.
③ Balance Sheet – The Bank of Canada's balance sheet has returned to a new stable state.
④ Artificial Intelligence – When AI-driven inflation will begin to decline remains an open question. In the short term, we are seeing increases in computer prices.
⑤ Policy issues – We are at the lower end of the neutral interest rate range, roughly at a suitable level to curb inflation. We are prepared to act if circumstances change.
