Waller, The Economic Outlook and Some Thoughts on Labor Market Dynamism

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At the Bank of England Watchers Conference King’s Business School and Money, Macro and Finance Society, London, United Kingdom Thank you, Paul, and welcome to Bank of England watchers, who I suspect are watching the Federal Reserve as well. 1 My subject today is the outlook for the U.S. economy and the implications for monetary policy. I think there is little disagreement about the basics of that outlook. The U.S. economy is growing strongly, with a labor market that has brought employment close to its long-term rate. But inflation remains too high, so I will explain why I believe further tightening of monetary policy will be needed, sooner rather than later, to return inflation to a path that will reach 2 percent in the medium term.