Wednesday, April 13, 2016

SF Fed President Addresses the Speculation That a "Shanghai Accord" Was Reached at the Recent G20 Meeting

On Tuesday, a keynote speaker at the LendIt conference in San Francisco was San Francisco Federal Reserve president John Williams.

Williams is a particularly important member of the Federal Reserve to monitor, not because he is a driver of Fed monetary policy, but because he worked, for 6 years, under current Federal Reserve chair Janet Yellen, when she was president of the SF Fed. He appears to remain close to her and tends to reflect her thinking when he comments publicly.

Following his formal remarks, I took the opportunity to ask about the seeming switch in policy thinking where Fed members appear to have become more dovish (SEE: Is This Fed President An Idiot? Read These Two Headlines And Decide ) and ask him aboout the speculation that a "Shanghai Accord" was reached  by top financial officials  to help out China by driving the US dollar lower against the yen and the euro (SEE:Has a Secret International Deal Been Made to Drive the Price of the US Dollar Down?), when they met for the G20 meetings in Shanghai

My questions and his responses are below (From 11:33 to 16:00) 



  1. Bob - that guy likes you and is definitely willing to keep talking. Keep it up - that is great stuff. He likes the challenge of answering your questions.

  2. "Move along citizen, nothing here. But be assured we are doing what is in the best interest of the 'US economy' even though I know nothing in particular about your question or what the higher-ups are doing."

  3. I see his response on whether or not an agreement was made as a non-denial myself. Good question RW.