Board of Governors of the Federal Reserve System

best in 1987, extending the relative stagnation of the past 2-1/2 years...prices have not reflected much of the dollar depreciation because profit

1 December 15, 2022 Mr. Ulrich Körner Chief Executive Officer Credit Suisse Group AG Paradeplatz 8 8001 Zurich Switzerland Mr. Timothy Lyons Chief

and its link to banks’ demand for U.S. central bank reserve balances. ...and, in some cases, on which we may be far from reaching any final decisions

for] this interview took place in Nashville, Tennessee. Working at the...us—the two recruits from the University of North Carolina and me—what

price index for personal consumption expenditures (PCE) and the price

key areas of uncertainty, and providing new empirical evidence that sheds...best. However, in periods characterized by larger gaps—for example, an

and, in no time, be sitting down with some of the best-informed experts...state-of-the-art models and even in relatively calm times, the economy

Key Elements of the Staff Projection Memo: Equilibrium and Actual Real...the same date as in the previous Tealbook—and subsequently follows the

and, of course, the federal funds rate projections, or “dot plot,” added...best outcomes are reached when opposing viewpoints are clearly and strongly

Key Findings .........................................................