1 year ago, the remnants of Hurricane Ida came through my district, resulting in catastrophic damage to our New York-16 community. This hurricane originated in the Gulf Coast and arrived in New York several days later, still so strong and dangerous that it led to the tragic death of several neighbors. Among those killed were Fran and Ken Bailie, who were professors at Iona College. I stand here today in their memory, and in community with families, friends, and neighbors who lost loved ones. Hurricane Ida brought historic levels of flooding to New York-16. The evening the storm hit was scary and chaotic. We were not collectively prepared for the amount of rain we received, and people watched with shock as their homes and neighborhoods flooded. At times in the night we got tornado warnings, followed by flood warnings, and then followed by more tornado warnings. This is not an area of the country that is used to these sorts of hurricanes, and I remember feeling terrified and confused as we all tried to stay safe. In the days that followed, instead of a joyful return to New Rochelle High School for its students, students found themselves with a destroyed, completely destroyed library. Congregants in Bronxville were left with a flooded synagogue during Rosh Hashanah. The First Baptist Church in Mamaroneck was destroyed, and congregants are still picking up the pieces.…
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The proposal will help to build resilience in U.S. Treasury markets, reducing the likelihood of market dysfunction and the need for the Federal Reserve to intervene in a future stress event.
Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market.