Barkin: The Future Path of the U.S. Economy

Opening Remarks on the Economic Outlook

Thank you for the warm introduction. Today, I’d like to offer my personal perspective on the current state of the economy and where I believe it is headed.

The Federal Reserve operates under a dual mandate from Congress: to maintain price stability and to achieve maximum employment. When either of these objectives drifts significantly from its intended goal, it is our responsibility to steer the economy back on course. This challenge became especially clear in the aftermath of the pandemic, when inflation surged and reminded us—much like in the 1970s—how disruptive and unwelcome rising prices can be.