Quotations by Federal Reserve Chairs

Every chair of the Federal Reserve Board of Governors has spoken about the economy, often at historically significant periods. We’ve selected eight quotes from Fed chairs. Match each quote (using drag and drop) with the Fed chair who said it (and we’ve helpfully provided the years of their terms as Fed chair).

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"With the breakdown of two of the four great financial powers of the world last summer, the Federal Reserve System was called upon to withstand shocks which experience had not taught us the way to meet, for which there was no precedent, and for which there was no charted path."

"But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade? And how do we factor that assessment into monetary policy?"

"The nation faces at the present time a severe shortage of petroleum products that is slowing business activity and aggravating our inflationary problem."

"Although restructuring is a persistent feature of our economic landscape, the displacement of workers and shifting employment patterns resulting from this restructuring are far more difficult to cope with in an environment of generally weak labor markets than they were in periods of rapid employment growth."

"A final piece of evidence of slack in the labor market has been the behavior of the participation rate–the proportion of working-age adults that hold or are seeking jobs. Participation falls in a slack job market when people who want a job give up trying to find one."

"Some would argue that inflation is so bound up with energy prices, sluggish productivity, regulation, and other deep-seated forces that monetary and fiscal policies are impotent. I do not accept that view."

"I am convinced, the more so since the war in Korea began, that the Treasury and the Federal Reserve System must work together as partners to promote the welfare of the Government securities market and to regulate the supply of money in accord with the dictates of our national security."

"Postwar is still some time in the future. We have come a long way on the battlefronts, but the obstacles still to be overcome are grim and formidable. Here at home we must continue to provide our armed forces and our allies with equipment and supplies in undiminished volume."

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Quotations by Federal Reserve Chairs