{"id":214992,"date":"2017-02-01T16:25:49","date_gmt":"2017-02-01T21:25:49","guid":{"rendered":"http:\/\/www.rochester.edu\/newscenter\/?p=214992"},"modified":"2017-02-03T16:28:01","modified_gmt":"2017-02-03T21:28:01","slug":"kocherlakota-fomc-wage-inflation-bloomberg-news-214992","status":"publish","type":"post","link":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/","title":{"rendered":"Kocherlakota talks FOMC and wage inflation"},"content":{"rendered":"<p>The Federal Open Market Committee (FOMC) convened January 31\u2013February 1 for their first meeting of 2017. Chaired by Janet Yellen, FOMC is the monetary policy-making branch of the Federal Reserve Board. Following the two-day meeting in Washington DC, the Federal Reserve\u2019s policymakers have decided to leave interest rates unchanged.<\/p>\n<p>In an appearance on <em>Bloomberg News<\/em>, Narayana Kocherlakota discusses the Federal Reserve\u2019s decision, slack in the labor market, and why he thinks FOMC meetings need to be revived. Kocherlakota, the Lionel W. McKenzie Professor of Economics at the URochester, is a former Minneapolis Federal Reserve Bank President and a <em>Bloomberg View<\/em> columnist.<\/p>\n<p>Yellen will offer congressional testimony mid-February, which Kocherlakota expects will amount to her saying that:<\/p>\n<blockquote><p>[T]he Fed is waiting to see how the political uncertainty in Washington gets resolved in terms of what exactly does the new administration bring forward to Congress and what exactly does Congress implement.<\/p><\/blockquote>\n<p>In October 2016, Kocherlakota characterized the non-press-conference <strong><a href=\"https:\/\/www.bloomberg.com\/view\/articles\/2016-10-12\/bring-the-fed-s-dead-meetings-to-life\">FOMC meetings as \u201cdead.\u201d<\/a><\/strong> This most recent meeting continues that trend.<\/p>\n<p>Asked about whether people can expect wage inflation to go with President Donald Trump\u2019s reflation trade, Kocherlakota answered:<\/p>\n<blockquote><p>My own perspective on that is that even though the unemployment rate is as low as it is [\u2026] you still see signs of slack. And I think until those employment numbers start to get back to where they were before the recession in 2007, we\u2019re going to be living with relatively low rates of wage inflation.<\/p><\/blockquote>\n<p>View the video of <strong><a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2017-02-01\/will-we-see-wage-inflation-to-go-with-trump-reflation\">Kocherlakota on <em>Bloomberg News<\/em> online<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On <em>Bloomberg News,<\/em> Narayana Kocherlakota discusses the Federal Reserve\u2019s most recent decision to leave interest rates unchanged, slack in the labor market, and why he thinks Federal Open Market Committee meetings need reviving.<\/p>\n","protected":false},"author":372,"featured_media":215012,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29212],"tags":[23322,25772,16072],"class_list":["post-214992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-voices-opinion","tag-department-of-economics","tag-narayana-kocherlakota","tag-school-of-arts-and-sciences"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kocherlakota talks FOMC and wage inflation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kocherlakota talks FOMC and wage inflation\" \/>\n<meta property=\"og:description\" content=\"On Bloomberg News, Narayana Kocherlakota discusses the Federal Reserve\u2019s most recent decision to leave interest rates unchanged, slack in the labor market, and why he thinks Federal Open Market Committee meetings need reviving.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/\" \/>\n<meta property=\"og:site_name\" content=\"News Center\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-01T21:25:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-02-03T21:28:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rochester.edu\/newscenter\/wp-content\/uploads\/2017\/02\/kocherlakota-bloomberg-news-screencap_1000x600.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sofia Tokar\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sofia Tokar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/\"},\"author\":{\"name\":\"Sofia Tokar\",\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/#\\\/schema\\\/person\\\/6e2aecfd2d62aca26a6a82e0f0153199\"},\"headline\":\"Kocherlakota talks FOMC and wage inflation\",\"datePublished\":\"2017-02-01T21:25:49+00:00\",\"dateModified\":\"2017-02-03T21:28:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/\"},\"wordCount\":259,\"image\":{\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/wp-content\\\/uploads\\\/2017\\\/02\\\/kocherlakota-bloomberg-news-screencap_1000x600.jpg\",\"keywords\":[\"Department of Economics\",\"Narayana Kocherlakota\",\"School of Arts and Sciences\"],\"articleSection\":[\"Voices &amp; Opinion\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/\",\"url\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/\",\"name\":\"Kocherlakota talks FOMC and wage inflation\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/wp-content\\\/uploads\\\/2017\\\/02\\\/kocherlakota-bloomberg-news-screencap_1000x600.jpg\",\"datePublished\":\"2017-02-01T21:25:49+00:00\",\"dateModified\":\"2017-02-03T21:28:01+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/#\\\/schema\\\/person\\\/6e2aecfd2d62aca26a6a82e0f0153199\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/wp-content\\\/uploads\\\/2017\\\/02\\\/kocherlakota-bloomberg-news-screencap_1000x600.jpg\",\"contentUrl\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/wp-content\\\/uploads\\\/2017\\\/02\\\/kocherlakota-bloomberg-news-screencap_1000x600.jpg\",\"width\":1000,\"height\":600,\"caption\":\"In an appearance on \\\"Bloomberg News,\\\" Narayana Kocherlakota discusses the Federal Reserve's recent decision to leave interest rates unchanged.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Kocherlakota talks FOMC and wage inflation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/#website\",\"url\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/\",\"name\":\"News Center\",\"description\":\"Ä¢¹½´«Ã½\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/#\\\/schema\\\/person\\\/6e2aecfd2d62aca26a6a82e0f0153199\",\"name\":\"Sofia Tokar\",\"url\":\"https:\\\/\\\/www.rochester.edu\\\/newscenter\\\/author\\\/stokar\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Kocherlakota talks FOMC and wage inflation","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/","og_locale":"en_US","og_type":"article","og_title":"Kocherlakota talks FOMC and wage inflation","og_description":"On Bloomberg News, Narayana Kocherlakota discusses the Federal Reserve\u2019s most recent decision to leave interest rates unchanged, slack in the labor market, and why he thinks Federal Open Market Committee meetings need reviving.","og_url":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/","og_site_name":"News Center","article_published_time":"2017-02-01T21:25:49+00:00","article_modified_time":"2017-02-03T21:28:01+00:00","og_image":[{"url":"https:\/\/www.rochester.edu\/newscenter\/wp-content\/uploads\/2017\/02\/kocherlakota-bloomberg-news-screencap_1000x600.jpg","width":1000,"height":600,"type":"image\/jpeg"}],"author":"Sofia Tokar","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Sofia Tokar","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/#article","isPartOf":{"@id":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/"},"author":{"name":"Sofia Tokar","@id":"https:\/\/www.rochester.edu\/newscenter\/#\/schema\/person\/6e2aecfd2d62aca26a6a82e0f0153199"},"headline":"Kocherlakota talks FOMC and wage inflation","datePublished":"2017-02-01T21:25:49+00:00","dateModified":"2017-02-03T21:28:01+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/"},"wordCount":259,"image":{"@id":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rochester.edu\/newscenter\/wp-content\/uploads\/2017\/02\/kocherlakota-bloomberg-news-screencap_1000x600.jpg","keywords":["Department of Economics","Narayana Kocherlakota","School of Arts and Sciences"],"articleSection":["Voices &amp; Opinion"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/","url":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/","name":"Kocherlakota talks FOMC and wage inflation","isPartOf":{"@id":"https:\/\/www.rochester.edu\/newscenter\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/#primaryimage"},"image":{"@id":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rochester.edu\/newscenter\/wp-content\/uploads\/2017\/02\/kocherlakota-bloomberg-news-screencap_1000x600.jpg","datePublished":"2017-02-01T21:25:49+00:00","dateModified":"2017-02-03T21:28:01+00:00","author":{"@id":"https:\/\/www.rochester.edu\/newscenter\/#\/schema\/person\/6e2aecfd2d62aca26a6a82e0f0153199"},"breadcrumb":{"@id":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/#primaryimage","url":"https:\/\/www.rochester.edu\/newscenter\/wp-content\/uploads\/2017\/02\/kocherlakota-bloomberg-news-screencap_1000x600.jpg","contentUrl":"https:\/\/www.rochester.edu\/newscenter\/wp-content\/uploads\/2017\/02\/kocherlakota-bloomberg-news-screencap_1000x600.jpg","width":1000,"height":600,"caption":"In an appearance on \"Bloomberg News,\" Narayana Kocherlakota discusses the Federal Reserve's recent decision to leave interest rates unchanged."},{"@type":"BreadcrumbList","@id":"https:\/\/www.rochester.edu\/newscenter\/kocherlakota-fomc-wage-inflation-bloomberg-news-214992\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rochester.edu\/newscenter\/"},{"@type":"ListItem","position":2,"name":"Kocherlakota talks FOMC and wage inflation"}]},{"@type":"WebSite","@id":"https:\/\/www.rochester.edu\/newscenter\/#website","url":"https:\/\/www.rochester.edu\/newscenter\/","name":"News Center","description":"Ä¢¹½´«Ã½","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rochester.edu\/newscenter\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rochester.edu\/newscenter\/#\/schema\/person\/6e2aecfd2d62aca26a6a82e0f0153199","name":"Sofia Tokar","url":"https:\/\/www.rochester.edu\/newscenter\/author\/stokar\/"}]}},"_links":{"self":[{"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/posts\/214992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/users\/372"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/comments?post=214992"}],"version-history":[{"count":3,"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/posts\/214992\/revisions"}],"predecessor-version":[{"id":215492,"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/posts\/214992\/revisions\/215492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/media\/215012"}],"wp:attachment":[{"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/media?parent=214992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/categories?post=214992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rochester.edu\/newscenter\/wp-json\/wp\/v2\/tags?post=214992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}