The new year always seems like a good time to reflect on the past and refresh our outlook for the future, and I will try to do a bit of both today. This is a particularly noteworthy time in the history of the Federal Reserve. On December 23, 1913, President Woodrow Wilson signed into law the act that created the Federal Reserve System.
Thus, the Fed’s official 100th anniversary occurred just three weeks ago. So, I thought I would begin by sharing a brief history of our nation’s central bank with you before discussing my views on economic conditions and monetary policy.