It is our job to anticipate potential shocks, analyse their impact on economic activity and inflation in Canada, and set monetary policy consistent with achieving the 2 per cent inflation target over time. This ultimately remains the best contribution that monetary policy can make to the economic well-being of Canadians. 6  BIS central bankers’ speeches
We are always grateful for opportunities, such as today’s hearing, to demonstrate the Fed’s deep commitment to transparency and accountability. Today I will review the current economic situation and outlook before turning to monetary policy. I will also describe several recent improvements to our communications practices to enhance our transparency.