Now, of course, I fully realize that I have participated in just one FOMC meeting to date, so my remarks today will not come with a patina earned from long experience as a monetary policymaker.
That said, I thought it might be of interest to share my thinking on the current state of the U.S. economy, to explain how it informed my support for the FOMC’s policy decision last month, and to discuss my views on the way forward for U.S. monetary policy.1  The Economic Expansion in Year 10 The U.S. economic expansion, now in its 10th year, is marked by strong growth in the gross domestic product (GDP) and a job market that has been surprising on the upside for nearly two years.