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The economic outlook and Federal Reserve policy

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  • John C. Williams

Abstract

Progress reducing unemployment has nearly stalled, while annual inflation has fallen below the Federal Reserve’s 2% target. To move toward maximum employment and price stability, the Fed recently announced plans to purchase more mortgage-backed securities and extend its commitment to keep its benchmark interest rate exceptionally low through mid-2015. Thanks partly to these actions, the recovery should gain momentum. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco at the City Club of San Francisco on September 24, 2012.

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File URL: http://www.frbsf.org/publications/economics/letter/2012/el2012-30.html
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File URL: http://www.frbsf.org/publications/economics/letter/2012/el2012-30.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2012)
Issue (Month): Oct 1 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2012:i:oct1:n:2012-30

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Related research

Keywords: Economic conditions - United States ; Monetary policy;

References

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  1. Nicholas Bloom, 2007. "The Impact of Uncertainty Shocks," NBER Working Papers 13385, National Bureau of Economic Research, Inc.
  2. Mary C. Daly & Bart Hobijn & Aysegül Sahin & Robert G. Valletta, 2012. "A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 3-26, Summer.
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