Clarida: Completing the Troika
Richard Clarida was nominated today to be Vice Chairman of the Board. He joins the Chair Jay Powell, andthe incoming president of the New York Fed, John Williams, on what we call the Troika, the three-person
group that has ongoing interaction about the outlook and monetary policy. (See our January commentary for
more detail on his previous experience.) Today, he regards the unemployment rate as being well below the
NAIRU and still falling while inflation is expected to head toward 2%. He questions participants’ projections
that show an unemployment rate below the NAIRU and still falling and, yet, inflation not overshooting the
2% objective and the funds...
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