By:
Emily McCormick, vice president of editorial & research for Bank Director
In October 1955, Federal Reserve Chair Bill Martin made perhaps the most famous analogy about the role of the agency, likening it to a “chaperone who has ordered the punch bowl removed just when the party was really warming up.” The line actually came from someone else — he says as much in the speech — which focused on inflation and the regulator’s mandate to promote maximum employment, stable prices and moderate long-term interest rates. The federal funds rate was 2.24% at that time, higher than the U.S. has seen following more than a decade of predominantly how-low-can-you-go interest rates....
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Emily McCormick is Vice President of Editorial & Research for Bank Director. She oversees research projects, from in-depth reports to Bank Director’s annual surveys on M&A, risk, compensation, governance and technology. She also manages content for the Bank Services Program. You can follow her on Twitter at twitter.com/ehmccormick or get connected on LinkedIn. You can contact Emily at [email protected].