Philip N Jefferson: Economic outlook and monetary policy implementation
Speech by Mr Philip N Jefferson, Vice Chair of the Board of Governors of the Federal Reserve System, at the American Institute for Economic Research, Shadow Open Market Committee, and Florida Atlantic University Conference, Boca Raton, Florida, 16 January 2026.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Thank you, President Hasner, for the kind introduction. It is an honor to speak at Florida Atlantic University, and I am glad to have the chance to talk with those here from the American Institute for Economic Research and the Shadow Open Market Committee.
I especially appreciate the opportunity to discuss my economic outlook at the start of the new year. It is a task made considerably easier with the gradual return of federal government data, which was disrupted by last year's lapse in funding. The lack of data reinforced two long-held beliefs for me. One, how grateful I am for the dedicated service of the statistical agencies to keep policymakers, businesses, and the public informed about the state of the economy. And, two, how important it is to have access to an array of data beyond what those agencies provide. That includes data produced by the Federal Reserve System, state governments, and a wide variety of private-sector sources. All of those data sources inform my view of the economy and help me make monetary policy decisions.
Today, I will start by sharing my outlook for the economy at the start of 2026. Next, I will discuss the implications of that outlook for the path of monetary policy. And, finally, I will discuss some recent developments in monetary policy implementation, which I know is of interest to many of you in this room. As a reminder, these views are my own and are not necessarily those of my colleagues.