For release on delivery 12:50 p.m. EDT September 27, 2021  Navigating Delta Headwinds on the Path to a Full Recovery  Remarks by Lael Brainard Member Board of Governors of the Federal Reserve System at “Shocks, Shifts, and the Emerging Economic Landscape” 2021 Annual Meeting of the National Association for Business Economics Arlington, Virginia  September 27, 2021  It is a great honor to join the community of NABE Fellows, and I want to express my appreciation to the Board of Directors of NABE.
1 Given the unprecedented nature of the pandemic shock, it should be no surprise that the recovery is not proceeding in a straight line. The economy continues to make welcome progress, but the Delta variant has been more disruptive than initially expected. The headwinds from Delta are a reminder that the virus continues to pose downside risks to the outlook.