The future of financial stability and monetary policy

31 May-1 June 2023

Amid a macroeconomic backdrop of high inflation, interest rate hikes and weak growth across developed and emerging markets, the monetary policy outlook for the US Federal Reserve and global central banks remains uncertain.

In this new paradigm, what does the future hold for the Fed’s move to accelerate quantitative tightening and reduce the size of its balance sheet? Is it time for major economies to revisit their 2% inflation targets? Should global central banks adopt the Fed’s dual mandate? What role is the digital dollar set to play in the US payments system?

Held at the Federal Reserve Bank of Philadelphia, OMFIF convened a series of expert panels with key policy-makers, regulators and public and private sector investors to discuss these questions and chart the course of US and global monetary policy.

Day one

Fireside chat: The global macroeconomy and monetary conditions

Speakers:
Patrick Harker, President, Federal Reserve Bank of Philadelphia

Moderator:
Mark Sobel, US Chairman, OMFIF

Session I: Federal Reserve banks on the 2023 macroeconomic conditions

  • The US macroeconomic outlook
  • Geopolitical tensions and impact on financial stability
  • Assessing developments in Europe, China and emerging markets

Speakers:
Kartik Athreya, Executive Vice President, Director of Research, Federal Reserve Bank of Richmond
Joseph Gruber, Executive Vice President, Director of Research, Federal Reserve Bank of Kansas City
Chiara Scotti, Senior Vice President, Director of Research, Federal Reserve Bank of Dallas

Moderator:
Mark Sobel, US Chairman, OMFIF

Session II: Revising the monetary policy toolkit and inflation target

  • The interpretation of the dual mandate by the Fed and its implications
  • How to combat inflation and whether the Fed has the correct inflation target
  • The effectiveness of forward guidance during periods of market volatility

Speakers:
Christopher Neely, Vice President, Federal Reserve Bank of St.Louis
James Sweeney, Managing Director, Fundamental Fixed Income Investment Group, BlackRock
Isabella Weber, Assistant Professor of Economics, University of Massachusetts

Moderator:
Ellie Groves, Managing Director, Economic and Monetary Policy Institute, OMFIF

Fireside chat: Tackling financial stability challenges

Speaker:
Fabio Natalucci, Deputy Director, International Monetary Fund

Moderator:
Mark Sobel, US Chairman, OMFIF

Day two

Fireside chat: The economic cost of climate risk and analysis of economic measurements

  • The economic costs of climate disasters
  • US and international efforts to measure natural capital and sustainability during a time of climate change
  • Is gross domestic product the most effective economic measure?

Speaker:
Leonard Nakamura, Emeritus Economist, Federal Reserve Bank of Philadelphia

Moderator:
Ellie Groves, Managing Director, Economic and Monetary Policy Institute, OMFIF

Session III: Managing central bank balance sheets and quantitative tightening

  • Consequences of QT on the US economy
  • Central bank balance sheets and market implications
  • Communications around QT

Speakers:
Emmanuel Dooseman, Partner, Global Head of Banking, Mazars
Andrea Pfenning, Managing Director, Chief Operating Officer, Clearance & Collateral, BNY Mellon
Angel Ubide, Managing Director, Head of Economic Research, Global Fixed Income & Macro, Citadel

Moderator:
David Marsh, Chairman, OMFIF

Session IV: Central banks, digital assets and the future of money

  • The digital assets landscape and regulatory developments
  • The role of traditional finance, innovation and technology
  • Financial stability implications

Speakers:
Antoine Martin, Senior Vice President, Financial Research Adviser, Financial Stability Policy Research, Federal Reserve Bank of New York
Nitin Gaur, Global Head, Digital Asset & Technology Design, State Street
Jens Reich, Chief Representative, New York, Deutsche Bundesbank
Brian Whitehurst, Head of Regulatory Affairs, Lukka

Moderator:
Patricia Haas-Cleveland, US President, OMFIF

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