*  *  *  These remarks represent my own views, which do not necessarily represent those of the Federal Reserve Board or the Federal Open Market Committee. This is a fitting moment to take stock of economic and financial developments, following a volatile start to the year.
I will begin by reviewing the outlook, then provide a brief recap of how financial market liquidity has fared, and finish by commenting on the resilience and resolvability of the large interconnected banks. Outlook for the United States I am heartened by the continued strong progress on employment and the resilience of American consumers, which stand out against a considerably more challenging global backdrop.