Below are some key takeaways from the prepared speech delivered by Kansas Fed President Esther George at the Economic Forum in Tulsa, Oklahoma.
- By nearly every measure, the U.S. economy is performing well.
- Reasonable to expect economic growth slightly above trend with low and stable inflation for the next few years.
- Job gains continue to rise faster than is needed to absorb workers entering the labor force.
- I expect domestic demand to remain strong.
- The path of policy cannot be on a pre-set course at this stage of the expansion.
- Gradual normalization of policy seems appropriate to me given that the FOMC’s employment and inflation objectives have largely been achieved.
- Looking ahead, there is good reason to expect continued moderate growth, with a gradual slowing to more sustainable growth rates of both output and employment.
- This outlook will likely require further gradual increases in the FOMC’s target interest rate, although the pace and extent of future actions remain a key aspect of the Committee’s deliberations.
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