Dean of Faculty Hess Appears on Fox Business News
Dean of the Faculty Gregory Hess appeared on Fox Business News today discussing the upcoming Federal Reserve announcement on interest rates.
In the segment, “What’s Next for the Fed?” hosts Lori Rothman and Chris Cotter asked Hess what his expectations were for the Fed announcement, and whether we would hear something that would shape the market. “I don’t think there’s going to be much that we haven’t heard before,” stated Hess. “I think the Federal Reserve is going to make the forecast a bit more optimistic.”
When asked his opinion about the role of the Feds in characterizing inflation, Hess stated that the Federal Reserve needs to move away from the short term thinking that has been in place through the financial crisis. Hess explained, “The Fed needs to think really hard about how it can put monetary policy on a very firm long-term strategy.” He continued by stating that the Fed needs to clearly announce its inflation target. “That’s one of the things that it is needed to put monetary policy back on long-term footing,” said Hess.
Gregory Hess is the vice president for academic affairs, dean of the faculty, and the James G. Boswell Professor of Economics at CMC. He is a former economist at the Federal Reserve.