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The Economic Outlook and the Conduct of Monetary Policy
Report

The Economic Outlook and the Conduct of Monetary Policy

Janet L. Yellen
Federal Reserve Board, 2017
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Editorial Rating

8

Qualities

  • Analytical

Recommendation

Is the Federal Reserve making the right moves with monetary policy and interest rates? Some critics have suggested using rules-based approaches that would give the Fed less discretion in conducting monetary policy. Fed chair Janet L. Yellen weighs in on such aspects in a speech delivered at Stanford University, providing insight into the central bank’s decision-making process. getAbstract recommends this informative, accessible text to investors, policy makers and executives who want more clarity about the Fed’s interest rate-setting mechanisms.

Take-Aways

  • The US labor market has improved considerably since the Great Recession. The unemployment rate is close to its “longer-run normal level.”
  • Absent any shocks to oil prices or the dollar, inflation could reach the Federal Reserve’s 2% goal by 2019.
  • The Fed’s monetary policy is now “modestly accommodative,” and its goal is to move progressively into a “neutral stance” in which the federal funds rate would neither spur nor constrain growth when the economy is close to its capacity.

About the Author

Janet L. Yellen is the chair of the Board of Governors of the Federal Reserve System.

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