Before our discussion, I will take a few minutes to discuss recent economic data and the outlook for monetary policy. Recent Economic Data Incoming data over recent months show ongoing progress toward both of our dual mandate goals—maximum employment and stable prices. Inflation By the time the Federal Open Market Committee (FOMC) raised rates in March 2022, it was clear that restoring price stability would require both the unwinding of pandemic-related distortions to supply and demand, and also restrictive monetary policy to cool strong demand and give supply time to catch up. These forces are now working together ... (full story)