President Jeff Lacker

Photo of President Jeffrey M. Lacker

Dec. 3, 2008

Financial Conditions and the Economic Outlook

excerpt from speech: Financial market conditions loom large in any discussion of the economy these days. The heart of the problem, of course, is the home mortgages made from late 2005 through early 2007, near the end of the long U.S. housing boom that began in 1995. Since the peak in activity in 2005, housing investment has fallen by more than 40 percent. Average housing prices, as measured by the FHFA repeat sales index, have fallen 6 ½ percent since their peak in April 2007.

Photo of President Jeffrey M. Lacker

Nov. 21, 2008

Financial Conditions and the Economic Outlook

excerpt from speech:

Financial market conditions loom large in any discussion of the economy these days. The heart of the problem, of course, is the home mortgages made from late 2005 through early 2007, near the end of long U.S. housing boom that began in 1995. Since the peak in activity in 2005, housing investment has fallen by more than 40 percent. Average housing prices, as measured by the FHFA repeat sales index, have fallen 6.5 percent since their peak in April 2007. Some markets have experienced more dramatic declines; the home price index for California fell 18 percent, for example. The resulting erosion in home equity for many borrowers has meant that mortgages made near the peak of the boom, especially the subprime and non-traditional categories, are experiencing much larger losses than expected.

Photo of President Jeffrey M. Lacker

Nov. 19, 2008

What Lessons Can We Learn From the Boom and Turmoil?

President Jeffrey Lacker spoke on, "What Lessons Can We Learn From the Boom and Turmoil?" at the CATO Institute's 26th Annual Monetary Conference.

Photo of President Jeffrey M. Lacker

Nov. 3, 2008

Financial Conditions and the Economic Outlook

Richmond Fed President Speaks in Jerusalem, Israel.

Photo of President Jeffrey M. Lacker

July 8, 2008

The Economic Outlook

It's a pleasure to speak to you today. My topic is the current economic situation and the outlook for the period ahead. Before we begin, though, let me remind you that the usual disclaimer applies: The views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

Photo of President Jeffrey M. Lacker

June 16, 2008

The Economic Outlook

It's a pleasure to speak to you today. My topic today is the current economic situation and the outlook for the period ahead. Motivating an interest in this topic has been somewhat easier than usual in recent months. And the appearance of the word "recession" on a popular weekly news magazine only helps. Before we begin, though, let me remind you that the usual disclaimer applies: The views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

Photo of President Jeffrey M. Lacker

June 5, 2008

Financial Stability and Central Banks

The financial market events of the last nine months have raised a number of questions about our financial markets and institutions, about financial regulation, and about the central bank's role in credit markets.1 Some analyses have focused on the drying up of trading activity in certain structured finance products where the key observation is how abruptly liquidity conditions in a financial market can change. Others have focused on the underlying fundamentals of credit quality in these financial products, with a key observation being that, after the fact, it looks as though many decisions regarding the extension of credit yielded quite disappointing results.

Photo of President Jeffrey M. Lacker

Feb. 5, 2008

The Economic Outlook for 2008

It's a pleasure to be with you. While the economy is seldom far from many people's minds, I think it's fair to say that economic conditions are garnering a bit more attention than usual right now. Housing markets have deteriorated over the last two years and the resulting losses on mortgage-related securities contributed to financial market turmoil last summer. The associated decline in employment in the construction and financial industries has contributed to a slowdown in aggregate job growth. Moreover, inflation — both overall and excluding food and energy prices — has picked up of late. As you might imagine, these developments have kept us busy at the Federal Reserve. So today, I'd like to spend some time talking about the economy. I'll begin by reviewing current economic conditions, and then go on to discuss the outlook for the coming year. Before we begin though, let me note that the usual disclaimer applies: the views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

Photo of President Jeffrey M. Lacker

Jan. 18, 2008

The Economic Outlook for 2008

Thank you very much, BJ. It's a pleasure to be with you again to discuss the economic outlook.1 I'll begin this morning by discussing current conditions, and then go on to discuss the outlook for the coming year. Before we begin though, let me note that the usual disclaimer applies — the views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

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