It is very good to be here, and to be part of this Fed Listens event and discussion about the effects of the pandemic experience on the U.S. economy, highlighting challenges in the labor and housing markets. While there are many ways to think about the impact of these effects, I find it helpful to consider both the cyclical or temporary factors and those that are structural and longer term. As monetary policymakers, we are primarily focused on the cyclical matters—meaning how the pandemic and the measures taken to address it complicated accomplishing our dual-mandate objectives of maximum employment and stable ... (full story)