It is a pleasure to have the opportunity to speak here today. In my remarks, I will focus on the 2015 economic outlook and the implications for monetary policy. In general, I will paint a reasonably positive picture—an economy that is likely to make further progress towards the Federal Open Market Committee’s (FOMC) objectives of maximum sustainable employment in the context of price stability. In fact, if my own forecast is realized, I would expect to favor raising the FOMC’s federal funds rate target sometime in 2015. This would be a welcome development, because it would signify that the economy has healed ... (full story)