But here’s one instance in which most of the rules do deliver the same recommended course of action. Suppose the FOMC observes an increase in available measures of inflationary pressures and a decrease in labor market slack – that is, the gap between maximum employment and observed employment.
I am sure we will discuss these challenges on the panel. 1. I will start with the economic outlook, which is always critical for inclusive growth. Euro area GDP is rebounding strongly this year, thanks to the re-opening of the economy, strong policy support and the ongoing global recovery.