But underpinning these is a strong economy, and ultimately that’s what we’re always using monetary policy to support. So, as the year unfolds I’ve got my eyes wide open, looking at the data and listening to experience—whether it’s coming from household surveys, market indicators, or from leaders in my District. The economy is strong, the outlook is healthy, and my number one priority is using monetary policy to keep it that way. In short, I’m watching, listening, and prepared to adjust my views depending on the data. 1 For more information on how the FOMC specifies its goals, see Statement on Longer-Run Goals and Monetary  Policy Strategy, Board of Governors of the Federal Reserve System, amended January 30, 2018. 2 This question on whether jobs are “hard to get” is part of the survey conducted by Nielsen for the Conference  Board that is used to calculate the Conference Board’s consumer confidence index. Information about the survey, including the latest press release of the index, is available at www.conferenceboard.org/data/consumerconfidence.cfm. 3 For example, the minutes of the December FOMC meeting stated that “Participants also reported hearing more  frequent concerns about the global economic outlook from business contacts” (page 8).
Underlying measures of inflation have been running just below 2 percent over the past 12 months, and I expect them to be right at 2 percent this year. And I don’t see any worrying signs of inflationary pressures building. So, from the perspective of the Fed’s dual mandate as a whole, things are looking very good. Of course, for this healthy jobs market and low and stable inflation to persist, we need solid growth in the economy. While GDP growth in 2018 looks to have been a robust 3 percent, we’re hearing anxiety both in the markets and the commentary, about what’s to come in 2019. 1/4  BIS central bankers' speeches  I wish I could now tell you with certainty what will happen to the economy, but anyone who promises they can see into the future is a charlatan. However, what I can do is provide you with some insight into how I assess the health of the economy and what that means for my view on the monetary policy decisions before us. Data Dependent I often say I’m data dependent, and I’ve talked about the major economic indicators, GDP growth, inflation, and employment. But these headline numbers aren’t the only things that inform my view on monetary policy, or the economy more broadly. I’m looking at a whole raft of information about what’s going on and where risks may be lurking. Employment and unemployment numbers provide a useful summary measure of what’s happening in the labor market. But “data” doesn’t stop there.