Chairman Johnson, Ranking Member Crapo, and members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to the Congress. In my remarks today, I will discuss the current economic situation and outlook before turning to monetary policy. I will conclude with a few words about financial stability. Current Economic Situation and Outlook The economy is continuing to make progress toward the Federal Reserve's objectives of maximum employment and price stability. In the labor market, gains in total nonfarm payroll employment averaged about 230,000 per month over the first half of ... (full story)