The Outlook for the Economy and Monetary Policy 05-08-2017 The Chicago Council on Global Affairs, Chicago, IL

Loretta Mester

No 82, Speech from Federal Reserve Bank of Cleveland

Abstract: As everyone in this room knows, economic forecasting is both science and art. Today, I will discuss my outlook for the economy and my views on monetary policy. Of course, these are my own views and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee. The economic expansion turns eight years old next month. It got off to a slow start from a very weak place, but now this expansion is one of the longest on record. While the quarterly pattern has had its share of ups and downs, output growth has maintained a moderate pace of a bit more than 2 percent, on average, over the expansion. The sustainability of the expansion through various economic shocks is a testament to the U.S. economy?s resiliency. While some of the recent readings on real activity have been soft, it is normal to see variability in the monthly and quarterly data. In my view, the underlying fundamentals supporting continued expansion remain sound.

Keywords: Economic growth; forecasting (search for similar items in EconPapers)
Pages: 14 pages
Date: 2017-05-08
New Economics Papers: this item is included in nep-mac
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.clevelandfed.org/newsroom-and-events/s ... monetary-policy.aspx Full text (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcsp:82

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Speech from Federal Reserve Bank of Cleveland Contact information at EDIRC.
Bibliographic data for series maintained by 4D Library ().