<p><span>Thank you, Meredith and Cullum and thank you to the Society for the invitation to speak to you today. This week, the Federal Open Market Committee (FOMC) took another significant step toward achieving our inflation objective by raising the Federal Funds rate target by 75 basis points. In my view, and I speak only for myself, if the data comes in as I expect I will support a similar-sized move at our July meeting. The Fed is "all in" on re-establishing price stability, and part of that effort involves understanding the forces that have boosted inflation and also examining how policymakers responded. Today, I intend to look back on monetary policy in 2020 and 2021, as I have before in recent speeches, but go a bit further and try to discern some lessons learned.</span></p>
The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.