Twice each year, the Federal Reserve provides to the U.S. Congress an extensive monetary policy report and accompanying testimony, which include the central tendencies of individual FOMC members’ forecasts of key economic magnitudes over the next year or two. Going beyond current practice to more frequent publication of further detailed forecasts has disadvantages that need to be recognized.
IV. Adapting to the New Normal So far, I have touched on the economic perspectives and on policy challenges. These factors will in part shape the post-pandemic new normal, although exactly how remains to be seen. One thing for certain, however, is that the world we live in will not be the same as that before the pandemic.