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Good afternoon. Thank you for inviting me to speak with you today. This is my second visit to Memphis since becoming president of the St. Louis Fed. I thoroughly enjoyed my first visit in June when I had the opportunity to experience the National Civil Rights Museum. I also connected with members of the business community and other local leaders. Today, I am grateful for the opportunity to meet with the Economic Club of Memphis to share my views on the economy and monetary policy.1 Following my prepared remarks, I look forward to a dialogue with Douglas Scarboro. I understand he will be pitching some tough questions. Let me begin by saying that these are my personal views and not necessarily those of my Federal Open Market Committee (FOMC) colleagues. I would like to share three key messages. First, the FOMC’s dual mandate goals of maximum employment and price stability are within sight. Second, it is appropriate for monetary policy to remain moderately restrictive while inflation remains above the FOMC’s 2% target. Third, monetary policy is well positioned to ret post: T LOUIS FED'S MUSALEM/ECOM: MUST AVOID EASING TOO SOON OR EASING TOO LITTLE, TOO LATE; IF PRODUCTIVITY GROWTH TEMPORARY THEN INFL TARGET HARDER #Musalem #FederalReserve post: FED'S MUSALEM: MONETARY POLICY IS WELL POSITIONED, THE FED CAN JUDICIOUSLY AND PATIENTLY JUDGE INCOMING DATA TO DECIDE ON FURTHER RATE CUTS. post: FED'S MUSALEM: FURTHER RATES EASING MAY BE APPROPRIATE IF INFLATION CONTINUES TO FALL. post: MUSALEM: RECENT INFORMATION SUGGEST INFLATION RISK NOW HIGHER

Thank you for participating in the ninth annual Energy Conference, jointly hosted by the Dallas and Kansas City Federal Reserve Banks. This is one of my favorite events of the year. It is always a pleasure to work closely with our Dallas colleagues, and the insights gained from this event are extremely valuable. The energy industry is part of the Kansas City Fed District’s economic DNA. The District accounts for roughly 9% of U.S. crude oil production, 14% of natural gas production, and 43% of coal production. Like Texas, the Tenth District also outpaces the United States in renewable energy. Kansas, Nebraska, and Oklahoma are some of the windiest states in the country, and Colorado, New Mexico, and Wyoming are some of the sunniest. Pipelines and oil storage in Cushing, Oklahoma, are vital infrastructure, and many District manufacturers support oil and gas firms, as well as the renewable energy sector. Furthermore, the region’s important agricultural sector is interwoven with the energy economy, supplying feedstocks to regional biofuel plants and producing renewable ethanol and biodiesel. In my remarks, I want to take a step back to focus on a few longer-term trends that will shape the environment for monetary policy in the coming years: post: SCHMID: FED RATE CUTS TO DATE 'ACKNOWLEDGEMENT' OF GROWING CONFIDENCE INFLATION ON PATH TO 2% GOAL post: FED'S SCHMID: 'REMAINS TO BE SEEN' HOW MUCH MORE FED WILL CUT RATES, AND WHERE THEY MAY SETTLE post: ST LOUIS FED'S MUSALEM Q&A/ECOM: EXPECT ECONOMY TO GROW AROUND 2% RATE; EXPECT TO HIT 2% INFLATION TARGET WITHIN NEXT 24 MONTHS #Musalem #FederalReserve