First, by looking over the past few FOMC meetings, I want to describe how my outlook has been shaped by both economic data and uncertainty—what we have learned at each point and what we don’t yet know about the economy.
Second, I will discuss how I think about lags with which policy affects economic activity and inflation and the impact on the appropriate path of policy. And third, I will review the recent data and discuss how I see policy evolving over the remainder of this year. Recent Policy Actions At the June meeting, I supported keeping the policy rate unchanged.