EU approves Germany’s mega spending plan

TRUMP SAYS WE'RE MAKING PROGRESS WITH THE EU, BUT WE ALREADY HAVE THE LETTER. Trump on EU: I think everybody will be happy. US PRESIDENT TRUMP: WILL REFINE UK DEAL WHEN HE MEETS PRIME MINISTER STARMER IN ABERDEEN

Many thanks, Emily, for the kind introduction. It is a pleasure to be here with all of you, and with those who are joining online. I am really delighted to participate in the 2025 NABE Seminar on Economic Measurement. This is a topic I have cared deeply about for a long time. Early on, opportunities to use data to illuminate important ideas helped spur my interest in economics – and data analysis was one of the most fun parts of my economics education. I continue to enjoy learning about new approaches and methods for using different types of data to measure economic activity. And I see programs dedicated to economic measurement, like this one, as very important. A mindset focused on data and rigorous empirical analysis has been invaluable throughout my professional career. It has played a role in my research, my teaching, and my data-based approach to decision-making in administrative and leadership positions. Most recently, the use of economic data has been critically important in my role as President of the Federal Reserve Bank of Boston, where I participate on the Federal Open Market Committee (FOMC) – the monetary policymaking body of our nation’s central bank. The Federal Reserve is highly data-intensive and data-focused, and I truly appreciate being part of an organization rooted in reliance on data, facts, and empirical analysis, without pre-conceived biases. In my remarks today, I’ll first briefly mention the importance of timely, reliable data of various types for monetary policymaking. I’ll then spend most of my time discussing some of the ways I use economic data in practice. My goal is to give you a “look under the hood” at how data and analytics underpin my willingness to make statements like “the economy is in a good place overall,” or “wage growth is not a significant FED'S COLLINS: TARIFFS WILL WEIGH FOR A TIME ON WHAT IS NOW STRONG ECONOMY ECONOMY IS CURRENTLY IN A 'GOOD PLACE' OVERALL CORE GOODS INFLATION SHOWING SOME SIGNS OF TARIFF IMPACT FED'S COLLINS: TARIFFS TO BOOST INFLATION OVER SECOND HALF OF 2025, CORE INFLATION AROUND 3% BY YEAR’S END TARIFFS WILL SLOW HIRING BUT 'NOT NECESSARILY BY A LARGE AMOUNT' STRONG BUSINESS, HOUSEHOLD BALANCE SHEETS MAY BLUNT TARIFF PAIN GOOD PROFIT MARGINS MAY LIMIT TARIFF… FED'S COLLINS: IT'S TIME FOR FED TO BE 'ACTIVELY PATIENT' WITH MONETARY POLICY