Tonight, in addition to providing new information about my outlook based on new data, I also want to clarify my views on how the economy has been operating over time and my view of appropriate monetary policy.
Clearly, many people view the benefits of free trade as being outweighed by its perceived costs. One concern about free trade may be that it has given rise to large trade and current account deficits, thereby adding to the nation’s debt and putting future prosperity at risk.