Thank you, Dean [Lillian] Mills, for the kind introduction and the warm welcome to the University of Texas. The Federal Open Market Committee (FOMC) has been tightening monetary policy for the past year to bring inflation back to our 2 percent target. One of the questions I’m asked most often is: How much more will we do? More specifically, how high will we raise interest rates? Or, as my family used to ask on our road trips back home to Kentucky: Are we there yet? Those of you who have taken family road trips know that, sometimes, the best way to handle this question is not to answer it. The same is true today in ... (full story)