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<p><span>Thank you to the Milken Institute for the opportunity to join you today. This morning I d like to outline my view of current economic conditions and the economic outlook and then turn to the implications for monetary policy. In particular, with employment still well below its February 2020 peak, I will focus on how the escalation in inflation this year is testing the monetary policy framework adopted by the Federal Open Market Committee (FOMC) in August 2020.<a name="f1"></a></span></p>

United statesNew yorkLe bihanRichardh claridaJordi galPhilippe andradeJulien matheronTony yatesFederal reserve bankMilken instituteUniversity of chicago booth school businessInitiative on globalCentral bankMarket committeeUs monetary policy forumFederal reserve