Thank you for the invitation to speak to the Shadow Open Market Committee (SOMC).1 The SOMC has a distinguished reputation for fostering substantive analysis and debate regarding independent, transparent, and systematic approaches to central bank policymaking. It's a pleasure to join you today and to discuss some of the current issues facing central banks and monetary policymakers. In my remarks today, I will review some of the notable developments in the U.S. economy and financial system—as well as review key monetary policy actions and communications—since I joined the Board of Governors of the Federal Reserve ... (full story)