Considerable uncertainties surround the economic outlook, especially in the period immediately ahead. But the economy has shown remarkable resilience in the face of a succession of substantial blows. Critical to our nation’s performance over the past few years has been the flexibility exhibited by our market-driven economy and its ability to generate substantial increases in productivity.
* * * In keeping with the purpose of Fed Listens, I would like to spend most of our time in conversation, but I do want to offer a few thoughts about why the Fed is reaching out to seek a broad range of views, and what we are trying to achieve.