Good morning. It is an honor to be here at the Bank of Japan, and I appreciate the opportunity to speak with you today. I am looking forward to our discussion, but first I want to share some framing thoughts. I will briefly discuss three developments in the global economy that I am monitoring, and then I will update you on my outlook for the U.S. economy and the path of monetary policy. The first global development I am tracking is the significant increase in energy prices due to the conflict in the Middle East. The rise in crude oil prices poses downside risks to growth and upside risks to inflation around the ... (full story)