Tiff and I are pleased to be here with you today to discuss the April Monetary Policy Report, which the Bank published this morning. •  Global economic growth has evolved broadly as anticipated in January. •  In the United States, the economic expansion is continuing at a modest pace, with gradually strengthening private demand partly offset by accelerated fiscal consolidation.
As detailed in the box on financial stability in the June Monetary Policy Report, the Federal Reserve, together with the Treasury Department and the Federal Deposit Insurance Corporation, took decisive action in March to protect the U.S. economy and to strengthen public confidence in our banking system.