Thank you, Barbara, and thank you for the invitation to speak to you today. It is an honor to join other members of the Federal Open Market Committee (FOMC) who have addressed the Economic Club of New York over the years.1 My subject is the current state of the U.S. economy, the economic outlook, and the implications for monetary policy. The short version is that the labor market appears resilient and stable and economic activity is continuing to grow, although at a more moderate pace than in the second half of last year. While the labor market is currently at or near the FOMC's goal of maximum employment, there is ... (full story)