With inflation well above our longer-run goal of 2  -3percent and an extremely tight labor market, we raised the target range for the federal funds rate at each of our past three meetings, resulting in a 1-1/2 percentage point increase in the target range so far this year.
I thank Valerie Herzberg and Mícheál O’Keeffe for their assistance in preparing these remarks. References Dottling, Robin, German Gutierrez and Thomas Philippon (2017), “Is There An Investment Gap in Advanced Economies? If so, Why?,” in Investment and Growth in Advanced Economies, Proceedings of ECB Forum on Central Banking, 129–193.