The Current State of the Economy As you know, the Congress has tasked the Federal Reserve with achieving stable prices and maximum employment--the dual mandate. Today, we are not far from achieving those goals. The Federal Open Market Committee (FOMC) has an objective of 2 percent for inflation, as measured by the annual change in the price index for personal consumption expenditures.
Conclusion Despite the many challenges associated with the rapid evolution I have discussed today, the United States continues to enjoy a safe, efficient, and reliable payment system. The strength of its financial institutions, as well as its payments and settlement systems, are the bedrock of the country’s financial infrastructure.