Third, because the framework takes the form of an agreement between the government and the central bank, there is an explicit commitment from the government to support our pursuit of low, stable and predictable inflation. The agreement therefore means that all economic policies— including monetary, fiscal and macroprudential—can work together in a complementary fashion.
Thanks for the introduction, and thank you for the invitation to join you here today. It’s a pleasure to speak to the Partnership again. I’ll begin my speech with some basics about the Federal Reserve System and the Federal Open Market Committee (the FOMC). But the bulk of my remarks should be viewed as a quarterly report of sorts.