Later, my Federal Reserve Board colleague, Governor Brainard, will speak on a topic of significant interest to me and I expect to many others – how young adults are faring in the economy and what the short- and long-term implications may have been for entering the job market at a time of significantly constrained opportunities.
On top of that, I would say also that you have to accept that when there is a very powerful oil and commodity shock it has necessarily an impact on the cycle, and to embark on excessively proactive policies to avoid these fluctuations in the business cycle could create future problems in the years to come.