Regional President Speech

Federal Reserve Bank of San Francisco ABOUT US OUR PEOPLE JOIN US What We Study Our District Research & Insights News & Media / NEWS & MEDIA / SPEECHES / MARY C. DALY’S SPEECHES Sustaining Growth: The Balancing Act SPEECH INFO Figures presented during a lecture at Wellesley College Wellesley, Massachusetts By Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco For delivery October 16, 2018 These figures were presented during an address by President Daly at Wellesley College. Sustaining Growth: The Balancing Act The 2018 Goldman Lecture in Economics Wellesley College October 16, 201 8 Mary C. Daly President and Chief Executive Officer Research assistance by Neil Gerstein The views expressed here are mine alone and do not necessarily reflect those of anyone else in the Federal Reserve System. Job Of Monetary Policy 2 From Here Missouri To Here 3 The Practice of Policy 4 Collect Information Data Business and community observations Alternative perspectives 5 Use The Information Study Listen Challenge 6 Bring Your Whole Self Experience Background Perspective Intellect 7 Making Policy Today 8 Economy In 280 Characters • GDP growth is robust • Labor market beyond full employment • Inflation effectively at 2°/o target • Notable tailwinds • financial conditions; global growth; fiscal stimulus 9 Outlook Is For Ongoing Strong Growth Economic Longer 2018 2019 2020 2021 Run Variables Real GDP Growth 3.1 2.5 2.0 1.8 1.8 Unemployment Rate 3.7 3.5 3.5 3.7 4.5 PCE Inflation 2.1 2.0 2.1 2.1 2.0 Core PCE Inflation 2.0 2.1 2.1 2.1 Median of FOMC Summary of Economic Projections Projections were released September 26, 2018 10 Striking The Right Balance Fed's Current Challenge ------✓@\..,........__ ...... r ' Avoid Fully High Engage Inflation Workforce 11

Mary C. Daly (2018, October 15). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_20181016_mary_c_daly

@misc{wtfs_regional_speeche_20181016_mary_c_daly,
  author = {Mary C. Daly},
  title = {Regional President Speech},
  year = {2018},
  month = {Oct},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_20181016_mary_c_daly},
  note = {Retrieved via When the Fed Speaks corpus}
}