Low interest rates are also supporting growth of consumption at a time when subdued conditions in the labour market are weighing on the growth of incomes. These developments, as well as growth in export industries such as tourism and education, are consistent with a pick-up in business conditions across a range of industries.
I will begin with a progress report on the broad public review my Federal Reserve colleagues and I are conducting of the strategy, tools, and communication practices we use to achieve the objectives Congress has assigned to us by law—maximum employment and price stability, or the dual mandate. Then I will discuss the outlook for the U.S. economy and monetary policy.