Regional President Speech

IN RECENT YEARS AND PARTICULARLY SI NCE THE LATE 1960's) THE PUBLIC'S PERCEPTION OF THE FEDERAL ~&,~ 1~".!tESERVE RO~E f/9':- AND THE IT PLAYS IN THE ECONOMIC WEL- ~ ,) 12~s.,,~ -e- OUR NATION HAS GROWN ENORMOUSLY, CTIONS I. b'SI!';IIIlT/?It"k. THAT WE TAKE TO ESTABLISH THE DISCOUNT RATE; TO ,1. Mt:rn.e1 ~~pp/r INFLUENCE THE ~L AND RATES OF GROWTH OF THE MO NEY .1. ~>~/ltI~ R-4g S~LY) TO SET RESERVE REQU I REfvlENTS FOR THE BANKI NG If. 1:::>o/1A-~ - SYSTEM; AND) DESIGNED TO STABILIZE THE VALUE ACTIO~S OF THE DOLLAR IN FOREIGN EXCHANGE MARKETS MAKE • HEADLINES ALMOST ON A DAILY BASIS, ~ ~EING - - IN A HIGHLY VIS IBLE) FIRST LINE) POLICY­ MAKI NG POSITION IS NOT A ROLE THAT HAS BEEN_ACTIVELY I SOUGHT BY THE FEDERAL RESERVE--AS A MATTER OF FACT ---­ .... > - IT MAKES .!t!r-"'--_ :~ :--­ - CARRYING OUT OUR ASSIGNED RES PONS IBIL ITIES MUCH MORE DIFFICULT IN MOST NC ES, ~~~WHY AND HOW WE HAVE COME TO OCCUpy OUR PRESENT ~ POSITION MAY BE OF SOME INTEREST TO HISTORI ANS BUT WOULD SERVE LITTLE PURPOSE FOR DI SCUSSION HERE TODAY, HOWEVER) CAST AGAINST THIS BAC KDROP) THE RECENT ANNOUNCEMENT BY PRES IDENT CARTER OF HIS SELECTION OF G, WILLI AM MILLER TO SUCCEED DR , ARTHUR BURNS AS CHA IRMAN OF THE FEDERAL RESERVE TAKES ON ADDITIONAL IMPORTANCE--PARTI CULARLY TO THOSE OF YOU WHO PRAC­ TICE THE ART OF FORECASTING FUTURE ECONOMIC EVENTS,---­ INCLUDING INTEREST RATE LEVELS, -2­ DR . BURNS IS A WELL KNOWN AND HIGHLY RESPECTED INDIVIDUAL WITH A PROVEN TRACK RECORD ESTABLISHED OVER A LONG PERIOD OF PUBLIC SERVICE. IN MY JUDG­ MENT THE NATION OWES HIM A DEBT OF GRATITUDE FOR HIS PERSISTENT AND OFTEN SINGULAR VOICE EXPRESSED IN • SUPPORT OF FISCAL AND MONETARY SANITY. ON THE OTHE R MR. HANDJ MILLER'S VIEWS WITH RESPECT TO MONETARY AND FISCAL MATTERS ARE NQI WELL THE RE­ J FORE NOT SURPRISING THAT SPECULATION IS NOW TAKING PLACE AS TO WHAT THE COURSE OF MONETARY POLlCY WILL ~.est' ()~ BE UNDER HIS LEADERSHIP, iicr ~J,.tt ., &tl 1e'(' THE PRESS IS DEVOTING CONSIDERABLE ATTENTION TO ~ EVERY AS PECT OF MR. MI LLER'S ACTI~IESJ BOTH PAST ~~A~~~;~ SA~A~I AND PRESENT, AND I MUST READ EACH OF THESE ACCO UNTS WITH - M - O - R - E - -THAN A PASSING INTEREST. HOWEVERJ MY EXPERIENCE WITH .S.UCCESSFUL BUSINESSMEN COUPLED WITH THE OPPORTUNITY TO OBSE RVE FI RST HAND f'kp.irI'\1.O-&i\' ~ THE DI MENS IONS OF JOB LEADS ME TO BE VERY TH~ OPTIMISTIC AB OUT MR. MILLER'S NOM I NATI ON AS A STRONG ~~- ~Mi6/'t" F R • AND SENSIBLE CHOICE TO HEAD THE EDERAL ESERVE. '-"(1.. - 0 ___ -(!AoICte GIVEN THE BROAD RESPONSIBILITI ES OF THE SYSTEM AND THE NATURE OF ITS POLl CY-MAKI NG STRUCTUREJ I B"\L. · FROM ~ WOULD NOT EXPECT TO SEE ANY RADICAL DEPARTURE THE FLEXIBLE BUT STEADY APPROACH TO THE MANAGEMENT - OF MONETARY POLICY WHICH HAS BECOME CHARACTERISTIC OF THE FED. ~ - 3­ /H.t \l-e IN ADDITION TO THE NOMINAT IO N OF MR . MILLE R) ~ -­ f)11" ~J ,;p""itI»+/~ THE FED HAS BEEN IN THE NEWS. RECENTLY WITH REGARD -- ~ TO THE ACTION~ TAKEN TO COUNTER THE DISORDERLY CON­ lilM''3,J 6~~ITlONS IN THE FOREIGN EXCHANGE MARKETS. -'FIIAT IIIWE ~~ft'..e.~ AFf"E'CTED IRE 'If*1::tt ttAR I~IERNATIor~AtLY . - -- . THE FED'S ACTIONS HAVE INCLUDED OFFICIAL INTERVEN­ /, ()F!"~I9~ , T I ON ON BEHALF OF THE DOLLAR TOGETHER WITH AN / A;#!f.Vev,'':' . _ r- ...1;1 NCRE ASE I N THE DISCOUNT RATE) ACCOMPAN I ED BY A ~ 2. DIS~IJU~ - -#­ RAISE IN MOST OTHER DOMESTIC INTEREST RATES. ~ IN VIEW OF THESE EVENTS AND THE INCREASED INTER EST IN TH E FEDERAL RESERVE) I WOU LD LIKE TO BRI EFLY DISCUSS WITH YOU THE ROLE THAT THE FEDERAL RESERVE HAS PLAYED IN OUR ECONOMY OVER THE RECENT • PAST AND WHAT WE MAY LOOK FORWARD TO IN THE PERIOD AHEAD . ... --:;.. As MOST OF YOU KNOW) CONGRESS HAS SET FORTH RATHER SPECIFIC OBJECTIVES TO GUIDE THE FEDERAL RESERVE IN ITS CONDUCT OF MONETARY POLICY. THE EMP LOYMENT ACT OF 1946 PROVIDES THAT THE FED ~S ~~ CONDUCT POLICY IN SUCH A WAY AS TO ACHIEVE : (1) A / lYt!.! I> J#"Ifi FULLY EMPLOYED EC2 NOMY; (2) STABLE PR ICES; AND r t?!!f ~ O~R (3) A REASONABLE BALANCE I N st/)J~ ~/C - MENT ACCOUNTS. 3 · I Z: ) - '-t ­ GIVEN SUCH SPECIFIC INSTRUCTIONSJ THE QUESTION CAN REASONABLY BE ASKED HOW WELL HAS THE FED PER­ - FORMED WHEN MEASURED AGAI NST THESE QB.JECTIlJ.ES? IN THE ABSTRACTJ THE ANSWER TO THAT QUESTION WELL~CURRENTLYJ WOULD HAVE TO BE -- NOT VERY UN­ EMPLOYMENT IS RUNNING ABOUT 6.gr PER CENT OF OUR TOTAL LABOR FORCE AND AT A TIME WHEN WE ARE USING ONLY ABOUT 83 PER CENT OF THE NATION'S TOTAL PLANT AND EQUIPMENT CAPACITY. INFLATI ON IS RUNNING AT A - RATE AT OR ABOVE 6 PER CE NT AND FOR THE FIRST TIME ~E $~ IN OUR HI STORY WtRECORoJA BI LL ION DEF ICIT 1977. I~ BALANCE OF PAYMENTS ACCOUNTS FOR ~- FOR ITS STRONGEST CRITICSJ THE ANSWER TO THE "How QUESTION, WELL HAS THE FED PERFORMED?" IS QUITE CLEAR --. IT HAS FAILED. THIS KIND OF ANALYSIS ADDS SUPPORT TO THE PROPOSAL THAT THE DIRECT RESPONSIBILITY FOR FORMULATING THE NATION'S MONETARY POLICY SHOULD -BE SHIFTED FROM THE FEDERAL RESERVE TO EITHER THE CONGRESS OR TO THE ADMINISTRATION. I BELIEVE THI S ~ OF ANALYSIS IS MUCH TOO NARROW AND AS A RESULTJ I -CA NNOT AGREE WITH THESE CO..N CLUSIONS . IN MY OPINIONJ THE FED HAS PERFORMED IN A REMARKABLE FASHION IN THE RECENT PAST AND -5­ DESERVES TO RECEIVE VERY HIGH MARKS . A PROPER ANALYSIS WOULD HAVE TO TAKE INTO CONSIDERATION THE TOOLS AVAILABLE TO THE FED TO DO THE JOB AND THE CIRCUMSTANCES AND CONDITIONS UNDER WHICH THE JOB • IS TO BE DONE. WHEN VIEWED FROM THIS .BROADER PER­ SPECTIVEJ MY SCORE CARD WOULD READ SOMETHING LIKE THIS . ~ THE SPRING OF 1975, THIS NATION'S ECONOMY HAD REACHED THE DEPTH OF THE WORSE RECESSION THAT / , IT HAD EXPERI ENCED SINCE THE 1930 s. AT THE SAME TIMEJ ALL OF THE MAJ OR DEVELOPED COUNTRIES OF THE WORLD (AND OUR TRADING PARTNERS) WERE IN A SIMILAR POSI TION. -- WE HAD BEEN HIT WITH AN ENERGY SHORTAGE -- WITH A QUADRUPLING OF IMPORTED OIL PRICES;I A STEADY DECLINE IN THE OUTPUT OF GO-OD-S AND SERVICES OVER A -- PERIOD OF SEVERAL QUARTERS;AHISTORICALLY HIGH INTER­ _ EST RATES;Il AN INFLATION RATE AT THE DOUBLE DIGIT ..... LEVEL;AAND AN UNEMPLOYMENT RATE OF ABOUT 9 PER CENT. WE ALSO WERE A NATION RECOVERING FROM AN UNSETTLED POLITICAL ENVIRONMENT IN WHICH AN UNELECTED PRESIDENT WAS STRUGGLING WITH CONGRESS TO REESTABLISH THE PROPER CHECKS AND BALANCES IN OUR GOV ERNMENT) AND AT A TIME WHEN ALL OFF ICIAL INSTITUTIONS WERE SUS PECT. -6­ GIVEN THESE CIRCUMSTANCES AND THE FEDERAL RESERVE 'S LIMITED ABILITY TO INFLUENCE THE COURSE OF EVENTS BY ALTE RING THE- AM-OUNT OF MONEY AND CR EDIT AVAILABLE TO OUR ECONOMY~ THE FED ADOPTED A MODER­ ATE POLICY DESIGNED TO PROVIDE A_MqNETARY STIMULUS Lv - U/~ TO 0 tetll"fP fGt4E ~ FUEL THE SPENDING AND INVESTMENT REQUIRED TO EXPAND OUTPUT BUT~HIC~ AND CREATE JOBS WQULD AT THE SAME TIME TE ND TO DIMINISH THE LEVEL OF INFLATION WHICH HAD CONTRIBUTED GREATLY TO THE RECESSION IN THE FIRST PLACE. FOR ITS PART THE FEDERAL RESERVE HA£ COM­ J MITTED ITSELF IN RECENT YEARS TO A POLI CY OF GRAD­ UAL -- NOT ABRUPT -- LOWERING OF THE LONG-RUN RATE OF GROWTH IN TH E SUPPLY OF MO NEY TO A LEVEL CO N­ SISTENT WITH THE ECONOMY'S POTE NT IAL TO EXPAND AT A NONINFLATIONARY PACE. I N MY VIEW THE ECONOMIC RESULTS OF THE PAST J THREE YEARS CONFIRM THE WISDOM OF THE FEDERAL RESERVE'S POLICY STANCE. THE NATION'S ECONOMIC RECOVERY L£ BR OAD AND IT 1£ CONTINUI NG. IN J UST THREE YEARS SI NCE THE RECESSION BOTTOMED OUT 8.3 MILLION JOBS J HAVE BEEN CREATED IN THE ECONOMY. THIS GROWTH IS UNPARALLELED IN EITHER ABSOLUTE OR PERCENTAGE TERMS SINCE WORLD WAR II. STATED ANOTHER WAY IT SEEMS J -/­ ME' TO TOO LITTLE ATTENTION IS GIVEN TO HOWMANY PE-R-­ ~~ONS1ARE EMP LOYED - PRESENTLY - OVER 90 MILLION ­ WHICH TRANSLATES TO 58 PER CENT OF EVERY MAN) WOMAN AND CHI LD OVER THE AGE OF 16 ARE GAI NFULLY EMPLOYED A RECORD HIGH EMPLOYMENT LEVEL. AT TH E SAME TIME) THE MONEY GROWTH FOSTERED BY THE FEDERAL RESERVE TO FINANCE SUCH A LARGE GAIN IN EMPLOYMENT AND NATIONAL OUTPUT HAS BEEN LIMITED ENOUGH TO PERMIT A MARKED FROM DOUBLE-DIGIT INFLATION. RETRE~T ,.. ~ ~ MOREOVER) INFLATIONARY EXPECTATIONS HAVE BEEN DEFUSED SOMEWHAT) AS EVIDENCED BY STABILITY OR DECLINES IN LONG-TERM INTEREST RATES OVER THE RECOVERY PER IOD. EVEN SHORT-TERM INTEREST RATES) DESPITE SHARP UPWARD MOVES IN RECENT MONTHS) ARE RE~VELY INAGENERAL RANGE WHICH THE EXI STE~WHEN R~ERY d: ~GAt:I " l~ ~ STAB! LI TV IN F I NANC I AL MAR KETS HAS CONTR WHICH BUSINESSES AND GOVERNMENT UNITS COULD PUT THEIR AFFAIRS IN -- FOR CONT I NUED SUPPORT OF ECONOM1--t • DLo r ODO I 'YI1 STRENGTH OF HAS BEEN LAST THREE 101 YEARS. OF BY LAST RELATED PROBLEMS. A WEAKER -8­ EITHER EVENT . WER E STRONG ENOUGH SOLID RECOVERY AT A- -- HAS PREVAILED THROUGHOUT THE RECOVERY • IT MUST BE THE LEAST ENJOYED RECOVERY ON RECO~____----------------__________--____ CERTAINLY MOST WOULD AGREE THAT THE NATION HAS PROGRESS DESPITE THE NEGATIVE FORCES AT AND DUR ING THE RECESS I ON OUR GOVERNMENT ACCOMPANYING THE CONTRASTING L THREE PRESIDENTS WITHIN THR EE YEARS. HA£ RESPONDED TO REASO ABLE POLICIES RESTORE SOUND GROWTH. A FIRM BASE ~ BEE POLI T I CAL AND YOU ALSO ~o£J.U,!.J....LL.lo<. ~1oL.!..Io~'---Ll..Ioo&.ll....L REMAI NS TO BE DONE TO IN SURE THE a..l.Il..UL-Y.L__~~~ STABILITY THE NATION MUST HAVE TO FULFILL POTENTIAL. IN RETROSPECT I BELIEVE IT IS CLEAR THAT ONE J MAJOR REASON FOR OUR PRESENT ECONOMIC HEALTH STEMS FROM THE CONTINUING INDEPENDENCE OF THE FEDERAL -9­ RESERVE SYSTEM. THE CENTRAL BANK'S INDEPENDENCE WITHIN GOVERNMENT HAS PERMITTED THE FEDERAL RESERVE TO RESIST CALLS FOR STEPPED-UP J OVERLY ST IMULATIVE MONEY GROWTH IN FAVOR OF THE MODERATE COURS E WH IC H HAS NOW PROVED CORRECT AND BENEFICIAL, IT IS THI S FREEDOM TO OPERATE OBJECTIVELY IN THE NATIONAL INTERESTJ OUTSIDE THE ARENA OF PARTISAN POLITICAL CONCE RNS, WHICH WE IN THE FEDERAL RESERVE SEEK TO PRESER VE. WE ARE GRATIFIEDJ OF COURSE J THAT MANY IN GOVERNMENT, AND OTHERS IN BUSINESS AND FINANCEJ SUPPORT THIS INDEPENDENCE, WE ARE CONVI NCED THAT CONTINUED OBJECTIVITY IS ESSENTIAL TO THE FORMULA­ TION OF A RATIONAL MONETARY POLICY, ~ VIEWING OUR NATIONAL ECONOMIC PROSPECTS IN THE /' SHORT TERM -- PARTICULARLY THE OUTLOOK FOR 1978 MY J OWN VIEW IS THAT THE STRONG ECONOMIC BASE ESTABLISHED OVER THE LAST THREE YEARS OF EXPANSION WI LL CARRY 1978 THROUGH AND BEYOND, THE TRENDS AND RECENT DEVELOPMENTS IN OVERALL NATIONAL OUTPUT ARE GOODJ AND EVEN SECTOR-BY-SECTOR ANALYSIS REVEALS NO MAJOR PROBLEM AREAS. DEMAND FOR MONEY AND CREDIT CONTI NUES TO BE VERY STRONG J INDICATING GENERAL CONFIDENCE IN FU TU RE BUSINESS PROSPECTS. THE RECENT DOWNWARD TR END IN UNEMPLOYMENT IS ENCOURAGINGJ AS IS THE ' RELATIVELY STABLE RATE OF PRICE INCREASES, -lU- S WE LOOK INTO 1979 AND BEYONDJ OUR GOOD CAUSE US HOWEVER. RATHERJ STABLE CONDITIONS AS AN OPPORTUNITY TO THE WHICH CAN WE ALSO THIS PERIOD OF EXPANSION SIS AS AN OPP UNITY TO ADDRESS SOME DIFFICUL '-...:":':;;'~"""""""-III:.... PROBLE~ WHAT BETTER TIME TO FOCUS OUR ATTENTION ON PROBLEMS OF ENERGYJ INFLATIONJ AND UNEMPLOYMENT THAN WHEN WE HAVE AN ENVIRONMENT ~ WH ICH DOES NOT FORCE INTEMPERATEJ UNCOORDI NATED SOLUT ONS? ..,-: ~ To INSU RE A PR OLONGED RECOVERY INTO 1979 AND BEYOND J IT SEEMS TO ME THAT WE MUST HAVE STRONG LEADERSHIP FROM THE PRESI DENT AND THE CONGRESS EXPRESSED IN REALISTIC LEGISLATIVE PROGRAMS. FOR IN STA NCE J I THINK IT IS ES SENT IAL THAT WE HAVE: I. --A MEANINGFUL ANTI -I NFLATION POLICY WHICH INCORPORATES CONTROL OF THE FEDERAL BUDGET--PERHAPS EVEN A LID ON FEDERAL EXPENDITURES--GIVEN THE IN­ Gov­ FLATIONARY IMPACT OF BUDGET DEFICITS AND HUGE ERNMENT BORROWINGS. SUCH A POLICY SHOULD FEATURE A ST RONG J PERSISTENT STAND BY NATIONAL LEADERS AGAINST INFLATIONARY EXCESSES. -11­ 2, --A MEANfNGFUL PACKAGE OF ENERGY POLICIES WHICH INCLUDE NOT ONLY PROGRAMS OF CONSERVATI ON BUT J ACTIONS WHICH STIMULATE DOMESTIC ENERGY PRODUCTION, BOTH STEPS WO ULD HELP REDUCE THE NATION'S REL IANCE ON IMPORTED ENERGY AND HELP TO STEM THE TROUBLESOME FLOW OF DOLLARS OVERSEAS, 3, --A CREATIVE TAX POLICY WHICH PROVI DES INCENTIVES FOR CAPITAL INVESTMENTS THIS COUNTRY I~ BY DOM ESTIC AS WELL AS FROM FOREIGN SOURCES, AN .. INNOVATIVE TAX POLICY ALSO SHOULD INCLUDE INCENTIVES FOR BUSINESSMEN TO FIND SOLUTIONS TO THE NATION'S STRUC TURAL UNE MPLOYMENT PROBLEM--THAT IS) THE UN­ FORTUNATE EXCLUSION OF THE UNSKILLED YOUNG WOMEN, J AND MINORIT IES FROM FULL LABOR FORCE PARTICIPATION, A~"""'" ~~ THESE ARE JUST SOME OF THE POLICIES WHICH HAVE THE POTENTIAL FOR CHIPPING AWAY AT THE FUNDAMENTAL PROBLEMS I'VE NOTED) WHILE AT THE SAME TI ME EXTEND­ 1979 ING THE CURRENT ECONOMIC RECOVERY THROU GH AND ~ BEY OND . THESE ALSO ARE THE PO LICI ES WHICH) IF PUT IN PLACE) COULD RELIEVE THE PRESSURES ON THE FEDERAL RESERVE AND MONETARY POLICY WHICH TOO OFTEN IS FORCED TO CARRY A DISPROPORTIONATE BORDEN OF ECONOM IC STAB y.. I ZAT ION ACT IONS, "" -- As OB SERVE RS OF THE BUSINESS AND FINANCIAL SCENE) MANY OF YOU DO UNDERSTAND THE HIGHLY INFLU­ ENTIAL ROLE THAT MONETARY POLICY PLAYS IN OUR -lL - ECO NOMY. MANY OF YOU MAY BE AWARE OF HOW OFTEN THE FEDERAL RESERVE HAS APPEARED TO STAND ALONE AGAINST INFLATION AND OTHER EXCES SES. As A RESULT J YOU MAY HAVE CONCERN ABOUT THE COURSE OF MONETARY POLICY THIS YEAR AND IN THE FUTURE BECAUSE OF THE UPCOMING CHANGE IN LEADERSHIP AT THE FED. WHILE THE NEWS MEDIA MAY CONTINUE TO SPECULATE ABOUT MONETARY POLICY LEANING THIS WAY OR THATJ I BELIEVE THAT THE PUBLIC SHOULD UNDERSTAND THAT A ... CHANGE AT THE HELM DOES NOT NECESSARILY IMPLY A CHANGE IN COURSE. Y IN MY OPINION, THE FEDERAL RESERVE WILL REMA IN COMMI TTED TO THE POLICY WHICH HAS PROVED SO EFFECTIVE IN RECENT YEARS -- THAT POLICY WHICH HAS PROMOTED REAL ECON OMIC GROWTH WHILEJ AT THE SAME TIMEJ HAS ACTED TO MODERATE INFLATION. I BELIEVE WE WILL RESIST VIGOROUSLY ANY ATTEMPTS TO PUSH THE FEDERAL RESERVE TOWARD A COURSE OF EXCESS IVE MONETARY EXPANSION WHICH IS NOT IN THE LONG-R UN BEST INTER­ ESTS OF THE Ar1ER I CAN ECON0t1Y. \ IN SUf1MARYJ I BELIEVE WE CAN LOOK FORWARD TO v 1978 AS A GOOD YEAR FOR BUS INESS ACTIVITY - ABS ENT ANY UNFORESEEN OUTSIDE SHOCK SUCH AS AN OIL EMBARGO OR OTHER SIMILAR EVENT. -13­ I WOULD EXPECT TO SEE THE ECONOMY CONTINUE TO 5 EXPAND AT A RATE OF ABOUT PER CENT IN REAL TERMS ­ A FURTHER REDUCTION IN THE RATE OF UNEMPLOYMENT TO ABOUT 6 PER CENT - AND A RATE OF PRICE INFLATION 1977. ONLY MARGINALLY HIGHER THAN WE EXPERIENCED IN 1979 FOR AND BEYOND WE WILL HAVE TO RECEIVE J SOME HELP FROM LEGISLATIVE PROGRAMS DEALING WITH INFLATION ENERGY AND TAXES TO INS UR E A CONTINUATION J OF THIS RECOVERY AT AN ACCEPTABLE PACE. FOR THE FEDERAL RE SERVE I THINK IT WILL REVIEW J ECONOMIC EVENTS AS THEY UNFOLD IN THE PERIOD AHEAD AND APPLY A MONETARY POLICY WHICH WILL FOSTER CON­ TINUED GROWTH BUT DESIGNED TO REDUCE THE LEVEL OF INFLATION. I APPRE CI AT VERY r............. 'Tn CU SS THES WITH ------:-­ STANDING OF TH IS NE CESSARY IF THE TO CONTIUE TO PROVIDE I~ THE NATION ' S FINANCIAL AFF. IRS, &#45;&#45;&#45;

J. Roger Guffey (1978, March 8). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19780309_j_roger_guffey

@misc{wtfs_regional_speeche_19780309_j_roger_guffey,
  author = {J. Roger Guffey},
  title = {Regional President Speech},
  year = {1978},
  month = {Mar},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19780309_j_roger_guffey},
  note = {Retrieved via When the Fed Speaks corpus}
}