The meeting will come to order. This is a special meeting of the government audit and Oversight Committee for october 1, 2015, im supervisor yee, chair of this committee, joined by supervisor london breed and Supervisor John Avalos the committee would like to acknowledge the staff of sf govtv and bill dylan who record each of our meetings and make the transcript available online. Before i continue may i get a motion to excuse supervisor christensen . No objections. Motion passes. Madam clerk, any announces. City clerk please turn off all cell phones and any electronic devices. Items for the file should be submitted. Items will appear on the agenda unless otherwise stated. Supervisor norman yee madam clerk please call items 1 and 2 together. City clerk [resolution urging the rejection of Priority Enforcement Program] sponsors campos; avalos and mar resolution opposing the scapegoating of immigrants and urging the rejection of the deportationfocused Priority Enforcement Program. City cle
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Andrews have been excused from tonights meeting. So everybody is accounted for. Item no. 2, Public Comment on matters appearing or not appearing on the agenda. Does anyone wish to make Public Comment . Seeing no response, well turn to item no. 3. Hearing on the merits in reethics complaint no. 19131115 in the matter of Lynette Sweet and Lynette Sweet for supervisor 2010. Respondents. Chair renne, justin mainardi, acting executive director. This is the matter where the respondent had requested a continuance by 30 days, that you would grant them for next month. All right. So we have taken that off well, you can taken it off calendar, i should say. That will be on the agenda for october 26th . Unless the parties were to settle, that is correct. And even in that case, well, yes. Item no. 4, presentation by Information Technology officer im sorry, Public Comment on i. 3 before you move on. All right. The request speaking as an individual, the request to continue the matter, there werent cop
You are listening to janet yellen. Earlier today, mario draghi. Ecided to cut the deposit rate joining me now is Michael Mckee. Michael she made the same point she made yesterday, the economy you wouldo the point want to raise rates. Unemployment is close to its neutral rate. She made the same point to congress that she made to investors yesterday. The sed cannot the fed cannot afford to wait longer. Heres what she had to say. Betty we do not have that available. Michael if they wait too long, they will have to raise rates faster and perhaps farther. Away that a lot of people looked at yesterday, why they believe the fed is going to go into summer now is because she is signaling they do not want to wait longer. She did hint that the fed might be behind the curve. Michael it is much easier. They know what to do to respond to inflation breaking out. They would like to get started because they want to have ability to respond without additionalesort to qe, which they feel has lost its abil
This asymmetry suggests its appropriate to be more cautious in raising our federal funds rate than would be the case if shortterm nominal Interest Rates were appreciably above zero. Reflecting these concerns we have maintained our current policy stance even as the labor market has improved appreciably. However we must also take into account the welldocumented effect of Monetary Policy. Were the fomc to delay the policy normalization for too long we would like he likely end up having relatively abrupt rates to keep the economy from significantly overshooting both of our goals. Such an abrupt tightening would risks disrupting Financial Markets and perhaps temperament percy economy into recession. Moreover holding the federal funds rate in its current level for too long could also encourage fixed since it was taking and undermine financial stability. On balance, economic and Financial Information received since our october meeting has been consistent with our expectations of continued imp