I thank the Shadow Open Market Committee for inviting me to speak today. The SOMC is known for fostering an active exchange of diverse views on the economy and monetary policy, with the aim of contributing to better policy decisions. I believe robust policy discussions and deliberations are very constructive, and I am looking forward to the question-and-answer portion of this session. To help frame that discussion, let me start with a review of economic developments and my perspectives on monetary policy. The views I present will be my own and not necessarily those of the Federal Reserve System or of my colleagues on ... (full story)