Board of Governors of the Federal Reserve System

economy—and, equally importantly, our understanding of the economy—have...and, thus, the neutral nominal policy rate. Indeed, as of the most recent

expectations. However, the Committee also maintained the view that the...futures market prices. As you know, commodity prices peaked during the

and, thus, the aggregate dependence on current income, increases endogenously

index for April shows that new orders have been declining since February...index was 2.3 percent; the core PCE price index—which excludes food and

expectations, should they persist, bode well for continued strength in...expectations of sales and profitability. A decade ago, extended backlogs

further—and then remain there in 2021. Total PCE price inflation is projected...index, and PCE is personal consumption expenditures. Blue Chip does not

and, more generally, the public interest. The Federal Reserve ■ conducts...expectations of reduced global economic activity and a negative outlook

expectations. The labor market has continued to strengthen, with the unemployment...expectations and intentions. With these issues in mind, three alternative

And, of course, I have been part of the LACEA Executive Committee and ...recognized—and is a finding of economic research—that central bank independence

And, of course, labor markets are central to carrying out the Federal ...expectations have risen significantly in the past couple of months, including