Although we work through financial markets, our goal is to help Main Street, not Wall Street.
Janet YellenRead
We necessarily operate in an environment in which there's a great deal of uncertainty. In such an environment, it makes sense to use a risk-management approach to identify and avoid the big mistakes. That's one reason I favor a cautious approach.
Interpretation
What this quote means
In uncertain situations, it's wise to manage risks carefully to avoid major mistakes.
Janet Yellen emphasizes the importance of taking a cautious approach in environments filled with uncertainty. By advocating for risk management, she highlights the need to identify potential pitfalls and mitigate them proactively, suggesting that a careful strategy can help prevent larger issues down the line.
Themes
RiskManagementUncertaintyCautionStrategy
In practice
Example use cases
This quote can be shared during a business meeting to advocate for careful planning.
More from Janet Yellen
All quotes →We need to keep in mind the well-established fact that the full effects of monetary policy are felt only after long lags. This means that policy makers cannot wait until they have achieved their objectives to begin adjusting policy.
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A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.
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Transparency concerning the Federal Reserve's conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve's commitment to accountability within our democratic system of government.
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For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms - have found it easier to continue producing by - with - reducing their workforces.
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Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people.
Janet YellenRead
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