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

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  • Loretta J. Mester

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.

Suggested Citation

  • Loretta J. Mester, 2017. "The Outlook for the Economy and Monetary Policy 05-08-2017 The Chicago Council on Global Affairs, Chicago, IL," Speech 82, Federal Reserve Bank of Cleveland.
    • Handle: RePEc:fip:fedcsp:82
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    Keywords

    Economic growth; forecasting;

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