That information is very helpful to me and to us at the Federal Reserve as we make our policy decisions. But before I turn to the outlook and its implications for Federal Reserve decisions, let me share some basics about the Fed’s responsibilities and how we carry out those responsibilities.
As students of economics, you may already know that the Federal Reserve conducts monetary policy to support a strong and stable economy in the United States. Our official mandate from the Congress is to pursue two goals, maximum employment and stable prices.