To understand how we use monetary conditions in practice, let us look at the recent situation where cyclical differences have meant that the Canadian economy has been weaker than the U.S. economy. In these circumstances, the need for accommodative monetary conditions in Canada required the Bank of Canada to take action to lower interest rates.
The original speech, which contains various links to the documents mentioned, can be found on the US Federal Reserve System’s website. *  *  *  I am indebted to Board staff members Matthew Eichner, Andrew Levin and Fabio Natalucci for their assistance in preparing these remarks.