1 In July, the current U.S. economic expansion will become the longest on record— or at least the record since the 1850s, which is as far back as the National Bureau of Economic Research tracks U.S. business cycles.
2 In anticipation of that milestone, I would like to take stock of where the U.S. economy is today, to assess its future trajectory, to review some important structural changes in the economy that have occurred over the past decade, and to explore what all of this might mean for U.S. monetary policy.