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Fed's Chris Waller suggests regional Fed President need to centralize operations to gain efficiency, lists HR as example.
@JohnHCochrane: the Soviets were really good at centralizing! And how about centralizing HR at Stanford, Princeton and alike -- and include @HooverInst's HR?!

Fed's Waller: I've said I propose centralizing back office functions, have the regional Feds focus on their specialties. I got pushback that it's at odds with the federated system. Technology drives us to rethink how to gain efficiencies while preserving independence.

Fed's Waller: starts by trashing Goolsbee's model -- anticipated productivity will be associated with higher borrowing costs if 'everyone' scrambles to invest, acting as a dampener.

Chicago Fed's Austan Goolsbee: the productivity again in the 1990s was not clear in the data. Greenspan imputed it based on other data and held back raising rates. It was only clear with hindsight.

San Francisco Fed's Mary Daly: "in a shock, how do you know whether it's temporary or persistent?
[...]
I'm trying not to use the word 'transitory', but you know what it refers to" 🤷‍♂️

Fed's Michelle Bowman: the regulatory environment has pushed credit to non-bank financial institutions banks. Proposed changes are aimed to have traditional banks better compete.

How to shrink the balance sheet? @DuffieDarrell

Due to regulatory pressure, large banks have not come to the Fed to get liquidity.

Making reserves scarce again would be 'massively inefficient and stupid' (referencing Fed's Chris Waller's recent speech)