Although we project that economic growth will pick up and unemployment decline somewhat in the coming year, progress thus far has been disappointingly slow. In this environment, the Federal Open Market Committee (FOMC) judged that additional monetary policy accommodation was needed to support the economic recovery and help ensure that inflation, over time, is at desired levels.
The centennial may be just an accident of the calendar, but any time is a good time to help more people learn about the Fed and what it does to enhance the economic well-being of Americans. It is often said – alas, accurately – that teaching is a thankless profession, so let me close by thanking you for what you give to your students.