Thank you for the opportunity to speak here today. Fifteen years ago, during the period now referred to as the Great Moderation, the topic of this symposium was "Adapting to a Changing Economy." In opening the proceedings, then-Chairman Alan Greenspan famously declared that "uncertainty is not just an important feature of the monetary policy landscape; it is the defining characteristic of that landscape."1 On the doorstep of the period now referred to as the Global Financial Crisis, surely few, if any, at that symposium would have imagined how shockingly different the next 15 years would be from the 15 years that ... (full story)

Federal Reserve Chairman Jerome Powell said Friday he expects a slow but steady diet of interest rate increases to continue as the central bank looks to find the right recipe between promoting growth and controlling excesses. In his closely watched speech at the Fed's annual Jackson Hole, Wyoming retreat, Powell expressed confidence in the economy and said he does not see inflation getting out of hand. As a result, the current trajectory the Fed has been following since December 2015 is likely to change so long as there aren't any significant changes to economic trends. The central bank, he said, is focused squarely ... (full story)