Federal Reserve Governor Sarah Bloom Raskin is speaking Friday at the National Community Reinvestment Coalition annual conference in Washington, D.C. She took office in 2010 and will have an unexpired term until the end of January in 2016. While her focus in today’s speech is on low and moderate income working Americans, the issue of course is yet again the comments about how long quantitative easing and low rates, or no rates, will last.
Governor Raskin signaled that the Great Recession hit the lower-income and moderate income Americans the hardest. One point of interest is that Raskin said that the Fed’s interest rate policy has little impact on the types of jobs created. That is even though she said that there is evidence that Federal Reserve policies are working to boost the economy and to help create jobs.
On the rate front, Raskin confirmed that interest rates will be kept low for “a considerable time.” That may be all you need to know. Still, is it a success if everyone has a job but that job is at minimum wage?
Here is Raskin’s full speech.
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