Not only does it promote a diversity of views, but it also helps to build public trust and preserve independence. However, it requires that I begin by reminding you that the views I express today are my own and do not necessarily reflect those of the Federal Reserve System or my colleagues on the Federal Open Market Committee (FOMC).
That being said, the uncertainty surrounding this outlook for growth remains high, with downside risks mainly relating to further unanticipated increases in commodity prices, possible further spillovers from continuing tensions in financial market to the real economy and increasing protectionist tendencies.