Fed ramping up climate change research efforts – Lael Brainard

Climate change could impact neutral rate, governor says; Fed can’t afford to ignore the issue, San Fran Fed’s Mary Daly adds

Lael Brainard

The Federal Reserve is stepping up efforts to study how climate change will impact monetary policy, financial stability and demands for regulation and supervision, Fed governor Lael Brainard said.

While the Fed’s work is still at “an early stage”, Brainard said in the November 8 remarks, it is important for the central bank to account for how climate change might impact its policy.

She said climate change may have implications for the long-run neutral rate of interest. “As the frequency of

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