If the latter trend continues, it is credible to think that we can achieve better output growth, particularly as we reach the later phases of the decline in mining investment. This is what is needed to bring down the unemployment rate. As always, global factors will be important and the international setting continues to be a rather complex one.
The Federal Reserve also has a role as a supervisor of bank holding companies and state-chartered banks that are members of the Federal Reserve System. In that role, the Federal Reserve has long used HMDA data to help it supervise financial institutions’ compliance with fair lending laws.