Miran: Regulations, the Supply Side, and Monetary Policy

KASHKARI SEES TRUMP'S FED ACTIONS 'ABOUT MONETARY POLICY': NYT Just in | Fed's Kashkari Affirms Powell's Accurate Explanation, According to NYT FED KASHKARI DOESN'T SEE 'IMPETUS TO CUT IN JANUARY': NYT FED'S KASHKARI SAYS “IF MONETARY POLICY IS REALLY SO TIGHT, WE SHOULD NOT SEE AN ECONOMY THAT IS EXHIBITING SUCH RESILIENCE,”- NYT FED'S KASHKARI ON RATES AND INFLATION SAID ENTIRELY PLAUSIBLE THAT WE ARE SITTING HERE WELL ABOVE OUR TARGET FOR TWO TO THREE MORE YEARS- NYT

Good morning! And thank you for that kind introduction. It’s great to be here with you. I’d like to thank Chellie1 and the Chamber team for the invitation to speak today. The Chamber and the Philly Fed have a long-standing and important partnership on many programs and that includes the annual Chamber State of the Economy survey that many of you will have filled out. Your input helps us understand the economy and the range of ways organizations and individuals are experiencing and shaping it. You provide the stories behind the data that are a key input into my thinking about monetary policy. My goal today is to leave you with a sense of the important national economic trends and how those trends are playing out here in Philadelphia. I’ll also share some findings from a recent survey that our team did to identify barriers to employment for Philadelphia residents. I hope this will provide good background for the panel discussion focusing on opportunities to create great jobs here in the region. Before I get into the details, please note that I am speaking just for myself and that my views don’t necessarily reflect those of any of my Federal Open Market Committee (FOMC) colleagues. Economic Outlook As many of you know, Congress has charged the FOMC with delivering maximum employment and price stability. We define price stability to mean inflation of two percent, as measured by the change in the personal consumption expenditure price index, affectionately know Fed's Paulson: Sees further rate cuts later this year if forecast met. FED’S PAULSON: INFLATION SHOULD BE AROUND 2% RUN RATE BY YEAR END FED’S PAULSON: MONETARY POLICY IS ‘A LITTLE RESTRICTIVE’ RIGHT NOW FED’S PAULSON: IS CAUTIOUSLY OPTIMISTIC ON INFLATION MOVING BACK TO TARGET Fed's Paulson: The US is likely to grow around 2% this year.

ECB De Guindos: Inflation Remains In A Good Place - Geopolitical Risk Noticeably Raises Downside Risks To Growth - Financial Stability Risks Remain Elevated As Valuations Are Stretched In Increasingly Concentrated Asset Markets De Guindos: Monetary policy and financial stability in the euro area The global economy is facing a period of profound transformation and heightened uncertainty. The past year has brought major shifts in the international economic environment, driven by significant changes in US policy and the erosion of the multilateral, rules-based system which has long supported global trade and international relations. The introduction of substantial tariffs on US imports has disrupted trade flows, weakened confidence and created ripple effects across economies. Geopolitical risks remain elevated. The shift to a new paradigm – one where rule of law principles are challenged – reflects profound global uncertainties that are likely to persist. These developments have had tangible implications for economic activity and financial stability in the euro area. Heightened uncertainty weighs on growth prospects through two main channels: by delaying firms’ investment decisions and so affecting euro area exports, and by prompting households to increase precautionary savings and consume less than expected. At the same time, fiscal policy in several euro area countries is set to ease to accommodate higher spending, including for