Thank you, Mr. Secretary. I appreciate the opportunity to speak here today.1 When I offered my assessment of policy in my first speech as a Federal Reserve Governor in September, I assumed inflation for core goods and nonhousing core services would continue to run at current rates.2 While that was a useful working assumption at the time, today I will break down my inflation outlook in more detail. Specifically, I'll share my interpretation of inflation's components and how this influences my perception of progress toward our 2 percent target. Shelter Inflation Shelter costs are top of mind for households, and a large ... (full story)