Poland: Rates unchanged, further FX interventions possible

I want to thank the Canadian Association for Business Economics for inviting me to join you today, particularly president Bonnie Lemcke and past president Armine Yalnizyan. It is a pleasure to be here with Carolyn Wilkins. I am honored to deliver the inaugural Mike McCracken Lecture on Full Employment.1 Widely known for his critical contributions in bringing computer modeling to Canadian economic forecasting, Mike McCracken is perhaps best known for his tireless advocacy that "lower unemployment remains the most important goal for the economy," which is particularly resonant for me, along with his emphasis on thinking critically and expansively about full employment.2 A similar theme was highlighted by community and labor representatives as well as educators at our Fed Listens events, and it is now reflected in the Federal Reserve's new monetary policy framework.3 Lifting the lives of working people is at the heart of economic policymaking. The deep and disparate damage caused by the pandemic, coming just over a tweet at 1:04pm: Fed’s Brainard: Near Term Outlook Is Challenging, Economy Is ‘Far From Goals’ - Wants To See Sustained Improvement In Inflation, Says Inflation Is Very Low tweet at 1:04pm: (US) Fed's Brainard (voter, dove): Current pace of buying appropriate for quite some time - Economy is far way from where Fed wants to be - Path of recovery depends on Virus and rate of vaccination - Fed will adjust policy actions depending on Economy's performance tweet at 1:04pm: - Fed is strongly committed to actions that will achieve mandates- US economy likely shrank by 2.5% in 2020 - Possible inflation will temporarily rise above 2% in Spring - Pain of downturn is not widely shared by Americans

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