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Monetary policy is a tool for smoothing short-term economic fluctuations around the trend, not for shifting the trend itself.
Drawn from what Claudia Sahm said
Subjectinterest rates
What Claudia Sahm actually said
- Claudia Sahm Economist and creator of the Sahm Rule recession indicator
Monetary policy is a tool of macroeconomic stabilization. It smooths out the bumps and wiggles in the economy around its trend: the Fed fights recessions and overheating alike, but it does not try to move the trend itself.
Where this was said
↗Questions for the Chairstayathomemacro.substack.com
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Added to korrents 24 Oct 2026 · How quotes work · Something wrong? Tell us
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