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I’m here today to speak about how some of those changes are showing up in the economic data as it relates to the recovery. But it’s also important to remember that behind the numbers are families, businesses, and communities that have suffered and continue to face tremendous challenges of all kinds. In my remarks this afternoon I’ll share more about how what we are seeing in the incoming data relates to the economic picture nationally and to this region. I’ll also highlight some of the unique inflation dynamics we are seeing. Finally, I’ll explain what that means for monetary policy and the path forward. Before I continue, I need to give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. Dual Mandate I know there are a lot of economics students in today’s audience. I won’t quiz you about the Federal Reserve, but one aspect of our work that you may be familiar with is the Fed’s “dual mandate.” These are the two goals set by Congress: maximum employment and price stability. Given these goals, our focus is studying and understanding the wide range of developments that affect employment, unemployment, and inflation. The Economic Outlook So, what are these developments telling us about the current economic outlook? I’ll start by saying that the economy continues to grow at a strong rate.