Lael Brainard: Federal Reserve review of monetary policy strategy, tools, and communications - some preliminary views

Speech by Ms Lael Brainard, Member of the Board of Governors of the Federal Reserve System, at the Presentation of the 2019 William F. Butler Award, New York Association for Business Economics, New York City, 26 November 2019.

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

It is a pleasure to be here with you. It is an honor to join the 45 outstanding economic researchers and practitioners who are past recipients of the William F. Butler Award. I want to express my deep appreciation to the New York Association for Business Economics (NYABE) and NYABE President Julia Coronado.

I will offer my preliminary views on the Federal Reserve's review of its monetary policy strategy, tools, and communications after first touching briefly on the economic outlook. These remarks represent my own views. The framework review is ongoing and will extend into 2020, and no conclusions have been reached at this time.

Outlook and Policy

There are good reasons to expect the economy to grow at a pace modestly above potential over the next year or so, supported by strong consumers and a healthy job market, despite persistent uncertainty about trade conflict and disappointing foreign growth.