My colleagues and I understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our 2 percent goal. Price stability is the responsibility of the Federal Reserve, and without it, the economy does not work for anyone.
In particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all. I will review the current economic situation before turning to monetary policy. Current Economic Situation and Outlook The U.S. economy slowed significantly last year, and recent indicators suggest that economic activity has continued to expand at a modest pace.