Thanks for the introduction, and thank you for the invitation to join you here today. It’s a pleasure to be back in Rochester. I’ll begin my speech with some basics about the Federal Reserve System and the Federal Open Market Committee (the FOMC). But the bulk of my remarks should be viewed as a quarterly report of sorts. Your elected representatives, the Congress of the United States, have charged the Federal Reserve with achieving key macroeconomic goals. My speech will be a report to you, the people of Rochester, about how the FOMC is doing in terms of achieving those goals. Please keep in mind, though, that I ... (full story)