We are emerging from the crisis stronger and with a solid foundation to build on. But there is much still to be done, and we should not let our resolution fade as the urgency of the crisis passes.
Until we have a long enough history to be more certain of the relative contributions of each, we must watch, wait, and learn. Communication must flow two ways. Over the past few years, I am pleased to say, the FOMC has significantly enhanced the information it provides to the public.