John C. Williams, President and CEO, Federal Reserve Bank of San Francisco, Presentation to Community Leaders, Salt Lake City, Utah, July 28, 2011.
The Outlook for the Economy and Monetary Policy: We are now two full years into the economic recovery, yet progress on restoring the economy from the damage caused by the financial crisis and ensuing Great Recession remains discouragingly slow. The news from the jobs front has been particularly disappointing, with the unemployment ratecurrently 9.2 percentstubbornly high. This afternoon, Ill give my perspective on why economic growth has been so modest and offer my outlook for the future, which anticipates some improvement during the second half of this year and next year. Ill also talk about inflation, which has seesawed in recent months. Finally, Ill explain what the Federal Reserve is doing to promote maximum employment and price stability.”
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