The National Association for Business Economics policy conferences always focus on the critical issues facing the economy, and this conference follows in that tradition. In my remarks today I will review the current economic situation and the outlook for real activity and inflation.
I will offer some specific observations about the recent deterioration in economic activity, highlight several risks facing the economy, and review recent inflation dynamics. I should note that the views I will express here are my own and not necessarily those of my colleagues on the Federal Open Market Committee (FOMC). 1 The U.S. economy is facing substantial challenges.