Obviously, there are people in harm’s way and we shouldn’t lose sight of them. It is far too early to judge how this conflict will affect the world, or the world economy, and what the implications will be for the U.S. economy. But this situation adds uncertainty to my outlook and will be something I will be monitoring very closely.
As my speech will say, we will need to carefully look at the incoming data, especially during a time of heightened uncertainty. Turning to my outlook for the economy, my greatest concern is continued elevated inflation. Inflation is too high, and I think concerted action is needed to rein it in.