<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>
Money Marketeers of New York University Webinar
New York, NY
For delivery on Tuesday, April 15, 2021 2:00 P.M. EDT
Introduction
I grew up in Missouri surrounded by three rivers. Nearly every spring, at least one of them would flood. Each time this happened, families, businesses, and sometimes whole communities, would be forced to higher ground until the water receded and returned to its banks.
Public programs were there to assist. Teams helped people evacuate, temporary shelters were stood up overnight, and financial support was provided for repairs and rebuilding. By many measures, these responses were a win, repeated successes of a system meant to insure against these types of disasters.