Rich Clarida was the vice chair of the Board of Governors of the Federal Reserve System and is currently a professor of economics at Columbia University and a managing director at PIMCO. Rich returns to the program to discuss whether we give the Fed too little credit for its soft landing, the problem of persistent inflation, how the Fed should respond to rapidly succeeding negative supply shocks, the case for nominal GDP, the state of the Fed's balance sheet, why a synthetic FOMC could help the real FOMC, and much more.

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Recorded on March 31st, 2026

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Timestamps

00:00:00 - Intro

00:03:59 - Persistent Inflation

00:11:14 - Inflation Expectations

00:18:34 - Responding to Negative Supply Shocks

00:29:38 - Nominal GDP

00:34:59 - Fed's Balance Sheet

00:45:20 - Synthetic FOMCs

00:51:36 - Outro

Rich Clarida on Navigating Monetary Policy in Choppy Waters

Macro Musings with David Beckworth