<p><span>The Federal Open Market Committee, at its annual organization meeting this week, unanimously reaffirmed its "Statement on Longer-Run Goals and Monetary Policy Strategy" (consensus statement).</span></p>
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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>