Thank you, Wendy, for the kind introduction. It is an honor to speak at the Brookings Institution. Today, I will start by sharing my outlook for the economy. Then, I will discuss the possible implications of that outlook for the path of monetary policy. Next, I will turn to the subject matter of this conference and discuss supply-side inflation dynamics. After my remarks, I look forward to our discussion. At the start of this year, I am cautiously optimistic about the economic outlook. I see signs suggesting that the labor market is stabilizing, that inflation can return to a path toward our 2 percent objective, and ... (full story)