Richard H Clarida: Sustaining maximum employment and price stability

Speech by Mr Richard H Clarida, Vice Chair of the Board of Governors of the Federal Reserve System, at the Economic Club of New York, New York City, 30 May 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Thank you for that generous introduction. I have attended Economic Club of New York events many times over the years and have always enjoyed the programs that feature engaging speakers sharing important insights on timely topics. It is a distinct honor to appear before you today from this side of the podium, and I do hope my remarks will contribute to this proud tradition.

In July, the current U.S. economic expansion will become the longest on record-or at least the record since the 1850s, which is as far back as the National Bureau of Economic Research tracks U.S. business cycles. In anticipation of that milestone, I would like to take stock of where the U.S. economy is today, to assess its future trajectory, to review some important structural changes in the economy that have occurred over the past decade, and to explore what all of this might mean for U.S. monetary policy.