Powell spoke on the u. S. Economy at the top of the listening session with Community Leaders and Union Representatives at the Federal Reserve in washington, d. C. Here is a look at what he had to say. Chair powell good afternoon and welcome to the board room where members of the board of governors and president s of the banks meet eight times a year. We decide the stance of Monetary Policy. As you can see, it is a magnificent, rather formal, even imposing room with 26 foot ceilings, a monumental marble fireplace, and a 1000 pound brass and glass chandelier. It has seen a lot of history since Franklin Roosevelt dedicated the building in 1937. Reddish and American Military leaders conferred here during world war ii, and through the decades, our predecessors grappled with financial turmoil and the economys ups and downs. Places take our assigned around this table, the setting and history lends a certain stuffiness ton a the proceedings. As we kick this off, the 12th of 14 fed listen events, we hope todays meeting is anything but stuffy. Candid and serious, but not stuffy. The Federal Reserve and banks have been holding Listing Services sessions around the country about our strategy and communications practices. Almost all of the events like this one have been opened to the press and livestreamed on the internet. Both of the breath and transparency of the review are unprecedented for us. One reason we are conducting the review is it is always Good Practice for any organization to occasionally take a step back and ask if it could be doing its job more effectively. But we must pose that question not just to ourselves, because congress has granted the Federal Reserve significant protections from shortterm political pressures. We have an obligation to clearly explain what we are doing in life youd and we have an obligation what we are doing and why. And we have an obligation to the people we serve so that they and their elected representative kustoff us accountable. We invited you here to understand how Monetary Policy affects the lives of people you represent youd represent. Hear your perspectives and those of the people you represent on employment and price stability. Now is a good time to conduct this review. Unemployment is at a halfcentury low and inflation is close to our 2 objective. While not everyone fully shares Economic Opportunities and the economy faces some risks, overall the economy is in a good place. Our job is to keep it there as long as possible. While we believe our strategy and tools have been and remain effective, the u. S. Economy, like other advanced economies around the world, is facing longerterm challenges from a low growth, low inflation, and lowInterest Rates. Is not good,owth you may be asking what is good what is wrong with low inflation and lowInterest Rates . Low can be good but when inflation and Interest Rates are too low, the fed and other Central Banks have less room to cut central rates to help the economy during downturns. In this review, we are examining strategies that might better allow us to symmetrically and sustainably achieve 2 inflation. Doing so would help prevent Inflation Expectations among consumers, businesses, and investors from slipping too low as we appear to have done in several advanced economies around the world. More firmly anchored expectations in a virtuous circle would keep actual inflation around our target, thus preserving our ability to change Interest Rates as appropriate to meet our mandate. We are also looking at whether existing Monetary Policy tools will be etiquette when the next will be adequate when the next downturn, spewed we are also asking when our communications can be improved. After today, we have two listening sessions remaining, one in kansas city and another in chicago. At the july meeting of the open market committee, my colleagues and i began discussing what we have learned so far in these sessions. We continue that discussion at our september meeting and have a lot of work left to do. We plan to public report our conclusions in the first half of next year. Is the take away so far importance of sustaining our historically strong job market. People from low and moderate income communities tell us this long recovery, now into its 11th year, is benefiting them and their neighbors to a degree that is not been felt for many years. Employers are partnering with Community Colleges and nonprofit organizations to offer training and people who have struggled to stay in the workforce in the past are getting new opportunities. Once again, welcome. Now it is your turn to speak and we will be listening. Thank you. On q a, the smithsonian institutions Peter Leopold on the history of tariffs in the u. S. Economy. The Supreme Court eventually ruled the tomato is a vegetable and not a fruit because of a tariff. Any botanist will tell you a tomato is a fruit. Tariff put a1883 vegetablesmporter of in new york pointed out that the tomatoes he was bringing in from the caribbean were a fruit and he did not have to pay his tariff. The battle went on for quite some time. Eventually the Supreme Court ruled that tomatoes are vegetables. It is an interesting ruling that had repercussions beyond tomatoes themselves. Announcer sunday night at 8 00 eastern on cspans q a. Cross blueblue shield president and ceo scott serota sat down for conversation on health care the detroit economic club. Serota talked about Health Insurance and the future of healthcare, Prescription Drug costs and innovation. He went on to say that millennials are the sickest generation they have studied, mostly due to Mental Health issues. Afternoon. It is wonderful to be here at the detroit economic club. And organization that has long attracted some of the most distinguished thinkers and innovators to it is my privilege to introduce todays participants. We will begin with a discussion on the future of health care. I will begin by introducing r