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Patience And Progress As The Economy Reopens And Recovers, Federal Reserve Governor Lael Brainard, At The Road To Recovery And What s Next, A Virtual Conference Sponsored By The Society For Advancing Business Editing And Writing (Via Webcast) Date 11/05/2021 I want to thank Heather Long and the Society for Advancing Business Editing and Writing for inviting me to join you today.1 Strong fiscal support and increasing vaccination rates drove a strong rebound in activity in the first quarter, and the second quarter looks to be even stronger. The outlook is bright, but uncertainty remains, and employment and inflation are far from our goals. While more balanced than earlier this year, risks remain from vaccine hesitancy, deadlier variants, and a resurgence of cases in some foreign countries. The latest jobs report is a reminder that the path of reopening and recovery like the shutdown is likely to be uneven and difficult to predict, so basing monetary policy on outcomes rather

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