Regional President Speech

SILAS KEEHN REMARKS NABW-WEST SUBURBAN GROUP HILTON INN--ALLGAUER'S LISLE, ILLINOIS APRIL 11, 1985 I. INTRODUCTION - GRACIOUS INTRODUCTION A. THOUGHT I WOULD TALK ABOUT JUST A FEW OF THE CHALLENGES AND CHANGES CURRENTLY FACING THE FEDERAL RESERVE SYSTEM 1. THE IMPLICATIONS OF THESE CHANGES ON THE MARKETS, ON FINANCIAL INSTITUTIONS AND ON THE PUBLIC AT LARGE 2. GIVEN THE NATURE OF OUR ACTIVITIES, THE FEDERAL RESERVE PLAYS A VERY KEY ROLE IN THE AFFAIRS OF OUR COUNTRY - PERHAPS NOT FULLY UNDERSTOOD II. LET ME START BY QUICKLY REVIEWING THE STRUCTURE OF THE FEDERAL RESERVE SYSTEM - AND THERE IS A REASON FOR MY TAKING TIME TO DO THIS A. DESCRIPTION OF THE FEDERAL RESERVE SYSTEM, BANKS, BRANCHES, GEOGRAPHIC, ET AL Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 2 1. EACH BANK A GOVERNMENT CORPORATION - SEPARATE A. STOCK OWNED BY MEMBER BANKS B. BOARD OF DIRECTORS - 9 C. 3 CLASSES - THE ELECTIVE PROCESS 2. BOARD OF GOVERNORS - 7: 14 YEAR STAGGERED TERMS A. APPOINTMENT/CONFIRMATION PROCESS B. CHAIRMAN/VICE CHAIRMAN 3. l NT ERRELAT I ONSH IP BE TWEEN BOARD OF GOVERNORS AND THE BANKS A. RESERVE BANK BOARDS OF DI RECTORS HAVE AN IMPORTANT GOVERNANCE RESPONSIBILITY (1) YET SOMEWHAT DIFFERENT THAN A REGULAR COMMERCIAL BANK DIRECTOR B. OPERATIONAL AND PROCEDURAL CONTROLS B. THE IMPORTANCE IN HIGHLIGHTING THIS STRUCTURE 1. CHECKS AND BALANCES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 3 A. EVERYTHING WE DO SUBJECTED TO CHECK AND BALANCE B. AN EXCEPTIONALLY IMPORTANT, YET LITTLE UNDERSTOOD, FEATURE FOR SUCCESSFUL OPE RAT I ON OF A CENTRAL BANK - MONET ARY POLICY (1) ORIGINAL ACT - WELL DESIGNED 2. IN TURN, THIS HIGHLIGHTS THE INDEPENDENCE OF THE FEDERAL RESERVE SYSTEM - EXCEPTIONALLY IMPORTANT FEATURE A. CREATED BY CONGRESS - CAN BE CONTROLLED BY CONGRESS B. THROUGH FREQUENT TESTIMONY, VARIOUS REPRESENTATIVES OF THE FED, MOST NOTABLY THE CHAIRMAN, REPORT TO CONGRESS (1) THERE IS NO SHORTAGE OF DIALOGUE Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 4 C. YET WE DO ENJOY A SIGNIFICANT DEGREE OF INDEPENDENCE IN THE CONDUCT OF OUR AFFAIRS (1) WHICH, FRANKLY, WE JEALOUSLY GUARD 3. AS CONGRESS MOVES ALONG IN THIS SESSION, THIS ISSUE WILL ASSUME A HIGHER VISIBILITY A. ALREADY THERE ARE INDICATIONS THAT THEY WILL RE-FOCUS ON THIS ISSUE B. THERE IS THE RISK THAT WE COULD GET CAUGHT IN THE MIDDLE AS THE FISCAL DEFICIT/TAX REVENUE IMBROGLIO INTENSIFIES - AND IT SURELY WILL Ill. THE FUNCTIONS OF THE FEDERAL RESERVE BANKS A. THREE DISTINCT AREAS OF ACTIVITY 1. FOR COMPLETELY SEPARATE AND DIFFERENT REASONS 2. ALL GOING THROUGH A PERIOD OF SIGNiFICANT CHANGE Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 5 3. YET EACH OF THESE ACTIVITIES, AT LEAST TANGENTIALLY, RELATES TO MONETARY POLICY - THE PRIMARY RESPONSIBILITY AND ONE OF ABSOLUTELY OVERRIDING IMPORTANCE IV. AS A START, OUR BASIC OPERATIONS, THE PROCESSING OF VARIOUS WHOLESALE ACTIVITIES FOR FINANCIAL INSTITUTIONS, OF MAJOR MAGNITUDE A. LET ME USE A CURRENT ISSUE, NAMELY ELECTRONIC FUND TRANSFERS, AS AN EXAMPLE OF HOW ULTIMATELY THIS RELATES TO MONETARY POLICY 1. YOU MAY BE AWARE THAT WE ARE I NC REAS I NGL Y FOCUSING ON THE EFT AREA AS ONE BEARING SPECIAL CONCERN 2. BECAUSE WE OPERATE THE FEDWIRE, WHICH IS DIRECTLY COMPETITIVE WITH SEVERAL PRIVATE SECTOR NETWORKS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 6 A. THERE IS THE IMPRESSION THAT WE ARE ATTEMPT ING TO EXPAND OUR PRESENCE - OUR MARKET POSITION - TURF 3. RAT HER, WE HAVE BEEN I NC REAS I NGL Y CONCERNED ABOUT THE RISKS INHERENT IN THE WHOLE WIRE AREA A. ENORMOUS VOLUMES - WEEKLY DOLLAR VOLUME ON 4 SYSTEMS EXCEEDS ONE TRILLION DOLLARS B. A BREAKDOWN IN THE WIRE AREA ON ONE OF THE NETWORKS COULD HAVE A DESTABILIZING EFFECT ON THE FINANCIAL MARKETS 4. IF A MAJOR INSTITUTION FAILED OR WAS IN SOME WAY UNABLE TO SETTLE ITS POSITION DURING THE DAY OR AT THE END OF THE DAY, A DOMINO EFFECT COULD OCCUR 5. OUR ONLY RECOURSE WOULD BE TO LI QUE FY THE FINANCIAL SYSTEM Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 7 A. TH IS WOULD HAVE OBVIOUS MONET ARY POL I CY IMPLICATIONS 6. TH IS SUBJECT ONE THAT IS UNDER VERY CURRENT REVIEW. OUR HOPE IS THAT A SURVEILLANCE STRUCTURE CAN BE PUT IN PLACE THAT WI LL DEAL WITH OUR CONCERNS A. YET NOT IMPEDE THE EFFICIENCY OF THE SYSTEM B. OUR INVOLVEMENT IN OPERATIONS, NOT ONLY THE WIRE AREA BUT CHECK COLLECTION AS WELL, PROVIDES THE FED WITH AN IMPORTANT ENTREE IN THE PAYMENTS MECHANISM 1. PAYMENTS MECHANISM - ARCANE - PIPELINE - OBVIOUSLY AN AREA OF CONCERN TO US 2. THE MONET ARY POL I CY IMPLICATIONS BECOME NOT ONLY OBVIOUS BUT TERRIBLY IMPORTANT SECOND AREA V. SUPERVISION AND REGULATION Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 8 A. REGULATION - THE DEVELOPMENT OF RULES BY WHICH FINANCIAL INSTITUTIONS ARE GOVERNED AND CONTROLLED B. SUPERVISION - THE ENFORCEMENT OF THESE REGULATIONS AS THEY RELATE TO THE INSTITUTIONS FOR WHICH WE HAVE PRIMARY RESPONSIBILITY C. THE FINANCIAL SERVICES INDUSTRY IS GOING THROUGH A PERIOD OF SIGNIFICANT STRUCTURAL CHANGE 1. THE MARKETPLACE CHANGES ARE OCCURRING FAR MORE RAPIDLY THAN THE REGULATORY/LEGISLATIVE CHANGES A. WITHIN THE PAST FEW MONTHS - IMPORTANT DEVELOPMENTS - WHOLE AREA LITERALLY SEETHING 2. ONLY JUST BEGINNING TO SEE THE IMPACT OF THIS 3. THE EXAMPLES OF OTHER INDUSTRIES THAT HAVE GONE THROUGH DEREGULATION ARE INSTRUCTIVE 4. BANKING WILL BE NO DIFFERENT D. THE FINANCIAL SERVICES INDUSTRY IS FACING AN OVERCAPACITY PROBLEM Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 9 1. REGULATION HAS PROVIDED SUPPORT FOR A GREATER NUMBER OF INSTITUTIONS THAN NAT URAL MARKET FORCES COULD HAVE PERMITTED 2. DEREGULATION WILL EXPOSE ALL INSTITUTIONS TO MARKET CONDITIONS THAT THEY HAVE NEVER EXPERIENCED BEFORE A. A CONSOLIDATION AND REDUCTION IN THE NUMBER OF PARTICIPANTS WILL BE A NATURAL E. CLEARLY, THESE DEVELOPMENTS WILL TOUCH ON THE SAFETY AND SOUNDNESS OF THE FINANCIAL SYSTEM 1. FAILURES THAT DESTABILIZE FINANCIAL INSTITUTIONS COULD HAVE AN IMPACT ON THE MARKETS AND FINANCIAL CONDITIONS A. MONETARY POLICY, THE LOGICAL RESPONSE TO THIS PROBLEM Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 10 B. ONCE AGAIN, AN ISSUE THAT SEEMS VERY ME CHAN I CAL IN NATURE HAS MONET ARY POL I CY IMPLICATIONS THIRD AREA VI. ECONOMIC RESEARCH AND MONETARY POLICY - WE ARE IN ONE OF THE HAPPY PERIODS WHEN MOST THINGS FROM BOTH ECONOMIC AND MONETARY POLICY PERSPECTIVES ARE IN REASONABLY GOOD ORDER, YET THIS SEEMINGLY BENIGN ATMOSPHERE MAY WELL BE MASK I NG SOME VERY SER I OUS CHALLENGES VII. IN A BROAD SENSE, ECONOMIC OUTLOOK CONTINUES TO BE FAVORABLE A. THOUGH CURRENTLY EXPERIENCING A PAUSE 1. NO REASON TO CHANGE BASIC FORECAST OF CONTINUATION OF EXPANSION AT LEAST ·THROUGH 1985 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 11 A. BUT I WI LL ADMIT TO A GROWING LEVEL OF APPREHENSION B. GNP +3 - 3-1/2% 1. DOWN FROM LAST YEAR'S 6% 2. THIRD YEAR EXPANSION C. UNEMPLOYMENT - 7% OR LITTLE UNDER BY END OF THE YEAR 1. HIGH - BUT VAST IMPROVEMENT D. INFLATION - C.P.I. CURRENTLY 3-1/2% 1. SOME INCREASE DURING BALANCE OF YEAR 2. BUT NOT AS MUCH AS MIGHT HAVE ANTICIPATED GIVEN PHASE OF CYCLE VIII. BUT THE UNEVENNESS CONTINUES - PARTICULARLY TRUE IN MIDWEST - VERY DISTURBING - DICHOTOMY GROWTH - SERVICE SECTORS WEAKNESS - HEAVY PRODUCTIVE A. GOOD BUSINESSES ARE DOING QUITE WELL - BAD BUSINESSES ARE DOING VERY BADLY 1. ANYTHING AGRICULTURALLY ORIENTED - DISMAL Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 12 B. NONETHELESS, IN A TOTAL PERSPECTIVE THE RESULTS ARE VERY GOOD 1ST RISK IX. BUT THERE ARE SOME SIGNIFICANT RISKS TO THE EXPANSION A. RESURGENCE OF INFLATION 1. 1979-'80: 13-14% 2. MIGHT HAVE EXPECTED THAT DECLINE WOULD BE TEMPORARY 3. BUT, AS NOTED, OUTLOOK FAVORABLE 4. WAGE COSTS A. RECENT EXPERIENCE B. PRODUCTIVITY C. UNIT LABOR COSTS D. CHANGE IN ATTITUDE BY UNIONS 5. PRICE ESCALATION - MODERATE A. CAPACITY UTILIZATION B. INTENSE MARKET PRESSURES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 13 (1) INCREASES JUST DON'T STICK 2ND RISK B. OCCURRENCE DOMESTIC FINANCIAL STRAINS 1. CONTINENTAL A. REGULATORY RESPONSE - RISK CONTAINED 2. OHIO A. WELL CONTAINED B. BUT DEVELOPED PRETTY RAPIDLY (1) DISCREET GROUP OF INSTITUTIONS (2) LIMITED GEOGRAPHIC AREA 3. BUT LOAN PROBLEMS AGAIN EMERGING AS A THREAT - AGRICULTURE A. LOCALIZED - BUT A PROBLEM 4. REAL ESTATE - CATEGORY THAT KEEPS COMING BACK AGAIN AND AGAIN Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 14 A. SIGNIFICANT VACANCY IN COMMERCIAL PROPERTIES CHICAGO 8MM-12.5MM/2-4MM; HOUSTON 40MM 5. ENERGY A. PRICE EROSION 6. FINANCIAL MARKETS ARE PRETTY BRITTLE A. ATMOSPHERE IS ELECTRIC (1) OHIO - INDICATIVE 3RD RISK C. RENEWED PROBLEMS WITH THE HEAVILY DEBTED LDC COUNTRIES 1. SIGNIFICANT PROGRESS - MEXICO 2. BUT BRAZIL/ ARGENT I NA - PRESSURES - RECONCILE INTERNAL SOCIAL NEEDS/EXTERNAL DEBT REPAYMENT X. BUT THE BIGGEST RISK BY FAR - THE SO-CALLED TWIN DEFICITS - DOMESTIC FISCAL AND TRADE A. THE IMBALANCES ARE BE COM I NG UNMANAGEABLE AND ARE REALLY THREATENING Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 15 B. LET ME GO ASIDE FOR A MOMENT AND COMMENT ON THE SURPRISING, INDEED, METEORIC, RISE IN THE INTERNATIONAL VALUE OF DOLLAR THAT HAS OCCURRED OVER PAST TWO YEARS 1. UNTIL RECENTLY - ONLY GO UP 2. DESPITE EXPECTATIONS TO THE CONTRARY C. IN HINDSIGHT, NOT SURE THE INCREASE SHOULD BE SUCH A SURPRISE - THE ENVIRONMENT WENT THROUGH ENORMOUS CHANGE 1. VOLCKER APPOINTED JULY 1979 - EARLY MESSAGE - MONET ARY POL I CY - TOUGH CONTROL - 3 MONT HS LATER - FOMC A. OPERATING CHANGE OCTOBER 1979 B. WE WERE GOING TO BE SERIOUS ABOUT INFLATION 2. REAGAN ELECTED IN 1980 - SIGNIFICANT MANDATE A. RETURN TO FUNDAMENTAL VALUES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 16 3. AS A RESULT OF FED'S OPERATING CHANGE - RATES BECAME MORE VOLATILE A. ROSE TO ASTONISHING LEVELS B. AS INFLATION CAME DOWN - NOMINAL RATES CAME DOWN, BUT REAL RATES INCREASED C. DOLLAR TOOK ON A NEW ATTRACTIVENESS - RETURN WAS HIGH D. PERHAPS SINGLE MOST IMPORTANT REASON 4. RECESSION ENDED IN LATE 1982 A. MARKETS GAINED CONFIDENCE IN OUTLOOK FOR ECONOMY B. PARTICULARLY SO WHEN REALIZED THAT INFLATION WOULD REMAIN UNDER CONTROL 5. AND POLITICALLY, WE CONTINUED TO OFFER AN ATTRACTIVE ALTERNATIVE - SAFE, SOUND A. NOT THE CASE WITH MANY OTHER COUNTRIES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 17 D. THE POINT IS - EARLY 198OS PROVIDED AN ENORMOUS ENVIRONMENTAL CHANGE 1. VASTLY DIFFERENT THAN LATE 197OS A. RAMPANT INFLATION B. ERRATIC ECONOMY C. WEAK ADMINISTRATION 2. THE STAGE WAS SET FOR THE INCREASE THAT OCCURRED XI. EXCHANGE RATES, PARTICULARLY WITH FLOATING EXCHANGE RATES, ARE, OF COURSE, A FUNCTION OF SUPPLY AND DEMAND - THESE PRESSURES ALSO MITIGATED IN FAVOR OF AN INCREASE IN THE VALUE OF THE DOLLAR A. DEMAND 1. DOLLAR HAS LONG SERVED AS PRINCIPAL MEDIUM OF EXCHANGE A. 70% OF WORLD TRADE IS SETTLED IN DOLLARS 2. ARE EXPERIENCING WORLD WIDE ECONOMIC EXPANSION A. INTERNATIONALLY MORE MODEST THAN DOMESTIC Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 18 B. BUT CERTAINLY ENOUGH TO PUT PRESSURE ON DEMAND FOR DOLLARS 3. DEMAND PRESSURES BECAME PRETTY HEAVY B. SUPPLY l. OPERATIONAL CHANGE - OCTOBER 1979 2. CLEAR SIGNAL THAT SUPPLY OF BANK RESERVES, THEREFORE DOLLARS, WOULD COME UNDER RESTRAINT 3. THE OPERATION OF DOMESTIC MONETARY POLICY BASICALLY ESTABLISHES THE FRAMEWORK OF SUPPLY ASPECTS AS THEY PERTAIN TO EXCHANGE MARKETS XII. AS A CONSEQUENCE, VALUE OF DOLLAR ROSE INEXORABLY A. BECAME SELF-FULFILLING PROPHECY l. TRADERS BOUGHT AND SOLD WITH ENSURED PROFITABILITY - ASSURED PROFIT 2. SPECULATIVE ACTIVITY - DEMAND B. RECENT INTERVENTION Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 19 1. CANNOT CHANGE FUNDAMENTALS A. VOLUMES TOO LARGE 2. BUT DOES INTRODUCE AN ELEMENT OF UNCERTAINTY 3. MAY WELL HAVE BEEN AN UNDERLYING REASON FOR RECENT DECLINE C. BUT DESPITE PRESS COMMENTS THAT FROM A MONETARY POLICY PERSPECTIVE INTERVENTION IS INFLATIONARY 1. IT EXPANDS THE MONEY SUPPLY 2. REALLY NOT THE CASE D. TECHNICALLY, AND UNLESS CORRECTIVE ACTION IS TAKEN, INTERVENTION DOES ADD TO THE MONEY SUPPLY E. WHEN THE FEDERAL RESERVE INTERVENES (ON BEHALF OF THE TREASURY), SAY, AGAINST THE D.M. 1. WE ENTER MARKET AND SELL DOLLARS FOR D.M. 2. WE PAY FOR TRANSACTION BY CREDITI~G THE RESERVE ACCOUNT AT A U.S. BANK Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 20 3. THIS STEP IS OPERATIONALLY EXPANSIONARY - WE ADD TO RESERVES JUST AS IF WE HAD PURCHASED TREASURY SECURITIES AND HAD PAID FOR THEM IN THE SAME MANNER BY CREDITING A RESERVE ACCOUNT 4. BUT THIS OPERATION IS COMPUTED INTO OUR ANALYSIS OF RESERVE PATHS 5. WE WILL THEN UNDERTAKE AN OPERATION TO TAKE OUT THE RESERVES CREATED BY THE INTERVENTION F. SAME IS TRUE FOR INTERVENTIONS BY FOREIGN CENTRAL BANKS l. THE COMMUNICATIONS ARE EXCELLENT 2. ROUTINELY OFFSET ALL FOREIGN EXCHANGE TRANSACTIONS INVOLVING DOLLARS G. IN SHORT, EXCHANGE INTERVENTIONS CERTAINLY ADD AT LEAST A THIRD DIMENSION 10 CONDUCT OF MONETARY POLICY 1. BUT THEY DO NOT CAUSE US 10 LOSE CONTROL Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 21 2. IF THE AGGREGATES ARE HIGH IN RELATION TO RANGES FOR YEAR, IT IS NOT DUE TO EXCHANGE INTERVENTIONS XIII. AS ALWAYS, ALL THIS BRINGS ME BACK TO THE ROOT CAUSE OF SO MANY OF THE ADVERSE FACTORS WE ARE DEALING WITH - THE FISCAL DEFICIT - BORING AND TIRESOME A. INCREASINGLY DIFFICULT - MANAGE MONETARY POLICY - HOSTILE FISCAL ENVIRONMENT B. WE ARE FACING SOME VERY SIGNIFICANT MONETARY POLICY CHALLENGES - THE CRITICAL CHALLENGE THAT WE FACE 1. AGGREGATES, PARTICULARLY M-1, HAVE EXPERIENCED STRONG GROWTH FOR PAST 4 MONTHS 2. MAY WELL HAVE MODERATED IN MARCH, BUT STILL, M-1 AT TOP OF RANGE ESTABLISHED FOR YEAR C. IN BRIEF, THE FOMC HAS A CHOICE BETWE_EN SEEMINGLY BAD ALTERNATIVES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 22 1. IF WE BEGIN TO EXERCISE RESTRAINT - MAY WELL CAUSE RATES TO INCREASE 2. ADVERSE EFFECTS ON DOMESTIC ECONOMY 3. EXACERBATE THE EXCHANGE PROBLEM D. IF WE DON'T BEGIN TO CONTROL THE GROWTH OF AGGREGATES 1. WOULD HAVE UNFORTUNATE IMPLICATIONS FOR INFLATIONARY OUTLOOK A. TRAGIC MISTAKE 2. IN TURN, NEGATIVE IMPACT FOR THE DOMESTIC ECONOMY AND I NT ER NAT I ONAL SENTIMENT ON THE DOLLAR 3. FACING VERY DIFFICULT PERIOD - WE WILL FACE STRONG PRESSURE TO INFLATE OUR WAY OUT OF THE BURGEONING DEBT LOAD Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NABW-WEST 4/11/85 PAGE 23 E. BUT WE HAVE COME THROUGH SOME SIMILAR PERIODS OF CHALLENGE 1. WITH GREAT SUCCESS - '81-'82, 1984 2. CONFIDENCE THAT WE CAN AGAIN THIS YEAR 3. ON THAT OPTIMISTIC NOTE * * * * * Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Silas Keehn (1985, April 10). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19850411_silas_keehn

@misc{wtfs_regional_speeche_19850411_silas_keehn,
  author = {Silas Keehn},
  title = {Regional President Speech},
  year = {1985},
  month = {Apr},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19850411_silas_keehn},
  note = {Retrieved via When the Fed Speaks corpus}
}