Shadow Open Market Committee (SOMC) Event

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Shadow Open Market Committee (SOMC) Event

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October 30, 2026

SOMC: The Fed's Next Chapter: Inflation, Financial Stability, and the Balance Sheet

Friday, October 30, 2026 - 8:15 am ET – 3:30 pm ET
New York, NY

	8:45 am - 9:00 am Welcome and Overview: MICKEY LEVY, Hoover Institution and SOMC, Welcome to SOMC meeting October 30, 2026
	9:00 am - 10:15 am Session 1: FINISHING THE JOB OF RETURNING INFLATION TO THE FED’S TARGET Chair: Mickey Levy, Hoover Institution and SOMC, Session 1: “Finishing the Job of Returning Inflation to the Fed’s Target” Jim Bullard, Mitch Daniels School of Business at Purdue University; Former President, Federal Reserve Bank of St. Louis; and SOMC, Is Current FOMC Policy Robust to Mismeasurement of Key Variables? Peter Ireland, Boston College and SOMC, The Case for a Monetary Policy Reference Rule: Theory and Practice Evan Koenig, Economist Emeritus, Federal Reserve Bank of Dallas, Delivering Price Stability in a Changing Economy
	10:45 am - 12:00 pm Session 2: IMPLICATIONS OF PRIVATE CREDIT MARKETS AND NONBANK FINANCIAL INTERMEDIATION FOR THE FEDERAL RESERVE AND FINANCIAL STABILITY Chair: Larry Goodman, Center for Financial Stability, Implications of Private Credit Markets and Nonbank Financial - Intermediation for the Federal Reserve and Financial Stability (Charts) Ken Kencel, Churchill Asset Management, Implications of Private Credit for the Federal Reserve and Financial Stability Howard Marks, Oaktree Capital Management, What's Going on in Private Credit? Tomasz Piskorski, Columbia Business School, Private Credit and Financial Stability
	12:00 pm - 1:15 pm LUNCH AND KEYNOTE ADDRESS Alberto Musalem, Federal Reserve Bank of St. Louis, Remarks on the U.S. Economy and Monetary Policy Moderator: Jeffrey Lacker, Mercatus Center at George Mason University; Former President, Federal Reserve Bank of Richmond; and SOMC
	1:15 pm - 2:15 pm Session 3: A STABLECOINS DIALOGUE: IMPLICATIONS FOR REGULATION AND FINANCIAL STABILITY Chair: Greg Hess, IES Abroad and SOMC Michael Bordo, Rutgers University, Hoover Institution, and SOMC, Money and Power, Historical Lessons for Stablecoins and U.S. Dollar Dominance Charles Calomiris, Andersen Institute; Columbia Business School; and SOMC, Our Government Wishes To Prevent Progress That Serves Consumers So That It Can Protect Banks
	2:15 pm - 3:30 pm Session 4: HOW TO PRUDENTLY REDUCE THE SIZE OF THE FED’S BALANCE SHEET Chair: Andrew Levin, Dartmouth College and SOMC Lou Crandall, Wrightson ICAP Jeffrey Lacker, Mercatus Center at George Mason University; Former President, Federal Reserve Bank of Richmond; and SOMC, The Role of Discount Window Policy in Balance Sheet Reduction (Slides) Loretta Mester, Former President, Federal Reserve Bank of Cleveland, Shrinking the Fed's Balance Sheet and Then What? (Slides)

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