Good afternoon. I would like to thank the conference organizers, Mike Bordo and John Cochrane, for the opportunity to participate in this panel with distinguished colleagues and policymakers. Conferences at the intersection of research and policymaking provide an invaluable opportunity for enriching both worlds. I will share my personal views, which do not necessarily reflect those of my FOMC colleagues.1 Let me begin by reviewing my perspective on the current state of the U.S. economy. Activity has moderated. Business and consumer sentiment has declined. Financial conditions have tightened some but remain broadly ... (full story)