Thank you, Jens, and thank you to the European Central Bank for the opportunity to speak to you today.1 Like other central banks, the Federal Reserve is confronted with how to respond to the effects of the conflict in the Middle East, which has constrained supplies and raised prices for petroleum and other goods. While I am hopeful that the conflict is on a path toward a peaceful resolution, it is unclear how long these supply disruptions and their economic impact will last, and that has become one of the biggest questions for the U.S. economy and the path of monetary policy. What does this mean for the Fed's dual ... (full story)