Views on the U.S. Economy and Monetary Policy; 07.02.19 The European Economics and Financial Centre; Distinguished Speaker Seminar, London, UK

Loretta Mester

No 110, Speech from Federal Reserve Bank of Cleveland

Abstract: It was three years ago, almost to the day, when I was last before you. Since that time, there have been several economic and policy developments in the U.S. that I will update you on today. One thing has not changed: monetary policymakers are operating in a world of economic and geopolitical uncertainties that cloud the outlook. When I was here three years ago, U.K. voters had just decided to exit the European Union, and it was too soon to determine with any precision what the ramifications of that vote would be for the U.K. and global economy. Today, the terms of Brexit remain unresolved while a new source of uncertainty has emerged, namely, international trade policy. Political tensions in the Middle East have also arisen, with implications for energy prices and financial markets. Of course, forecasting in an uncertain world is a difficult task, but it is something economists and monetary policymakers must always do

Pages: 11 pages
Date: 2019-07-02
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