The Economy and Monetary Policy in Our Challenging Times

I want to acknowledge the important role that the participants in this conference play in our economy and in society. In recent years, some have questioned whether a liberal arts education offers the same value as it once did, and point to other types of programs that, in their view, better prepare students for the job market. I take the opposite view: to me the value of a liberal arts education has never been clearer. The current pandemic underscores the fact that the future is uncertain. A year ago, I certainly wasn’t imagining we would be in the place we find ourselves today. If we want students to be prepared for the future, then we must give them the tools they will need to successfully stand up to future challenges, think critically through possible approaches and solutions to those challenges, be resilient in the face of adversity, and question the status quo. A broad-based liberal arts education, which encompasses the study of history, literature, and the arts, as well as mathematics and the natural and social sciences, holds the best promise to prepare students for the future, whatever it may bring. Today, before we open it up to questions, I’ll give you an update on the economy and on the Federal Reserve’s policy response.