Happy New Year. I am very glad to be speaking to you here in New York, a city I lived and worked in for 30 years before joining the Federal Reserve Board in September. The new year is often a time when people make resolutions--resolutions to exercise more, learn a new skill, or spend more quality time with family and friends. My resolution, as a member of the Federal Open Market Committee (FOMC), is to work with my colleagues to implement a monetary policy that will sustain economic growth and maximum employment at levels consistent with our 2 percent inflation objective.1 Initial Conditions and What I Am Looking for ... (full story)