in other words, just pulling back on the rate of ascent a little bit. at this angle of ascent, with policy already in restrictive territory, the federal funds rate can still be increased quite rapidly with several 50 - basis - point increases, a pretty aggressive path for policy. so, although i believe we are seeing some progress in the economy to dampen demand that will help moderate inflation, we have not yet made enough progress. as i have said recently, i expect that getting inflation to fall meaningfully and persistently toward our 2 percent target will require increases in the federal funds rate into next year. we still have a ways to go. until then, i support continued rate increases and ongoing reductions in the fed's balance sheet to restrain aggregate demand. when we reach our terminal rate, how long we stay at that level will largely be driven by our progress in bringing down inflation. 1 see christopher j. waller ( 2022 ), " the economic outlook with a look at the housing market, " speech delivered at the mark c. berger workshop series, university of kentucky, lexington, kentucky, october 6. 2 see board of governors of the federal reserve system ( 2022 ), " federal reserve issues fomc statement ( pdf ), " press release, november 2. 6 / 6 bis - central bankers'speeches

john hurley : protecting the stability of the irish financial system statement by mr john hurley, governor of the central bank & financial services authority of ireland, dublin, 3 october 2008. * * * the government decision to guarantee depositors in and lenders to irish financial institutions was taken to protect the stability of the domestic financial system. it does this by supporting the irish banking system ’ s ability to secure access to funds both domestically and internationally. the government ’ s decision was taken after close consultation with the central bank and financial regulator. for over a year now, the central bank has been monitoring the disruption in international financial markets. this was triggered by difficulties in the us subprime mortgage market and resulted in a protracted drying up of liquidity in a range of markets. despite central bank actions, both at eurosystem and global levels, to inject liquidity to improve the functioning of money markets, these markets have become increasingly impaired. the net effect was that banks internationally found it difficult, and expensive, to obtain term funding. the access of the irish banking system to term funding was affected in a similar way to their international peers. the pressures became particularly acute during recent weeks following difficulties in state - sponsored financial institutions, investment and high - street banks both in the us and then europe, and over the last weekend the failure to pass the us legislation. these events came to a head last monday evening when the supply of funding to the irish banking system was seriously threatened. at that time, i had to inform the minister that the risks to financial stability were becoming unacceptably high with knock - on effects for the wider economy. a major consideration was that the highly concentrated nature of the irish banking system created a high risk of contagion. decisive action to protect the stability of the economy and its financial system was needed. while the decision was difficult, it was aimed at ensuring renewed access to funding for irish financial institutions. the irish banking system, unlike many of its international peers, has not to date had to write - off significant losses on loans and investments so that bad debts and loan losses were not the key issues for our financial system last monday evening. the issue then was the unprecedented shortage of liquidity in financial markets and the urgent need to implement a solution that targeted that issue directly. the legislation giving effect to the government ’ s decision was signed into law yesterday. over the coming days, the central bank together with our colleagues in the financial regulator will be advising government on how the