Since the initial lockdowns, people have spent more of their money on electronics, cars, and furniture-and less on entertainment, travel, and restaurants. But so were supply-chain bottlenecks, shortages in semiconductors, and backlogs at ports-issues we grapple with today.Īnd just like the United States, other countries have experienced imbalances in demand.
If we think about the global pandemic as a common factor, shutdowns, contractions, and rapid rebounds were the shared impacts across countries around the world. And we had no way of knowing that this would be the shortest recession on record, or that the rebound would be so dramatic. Back then, we were living through unprecedented lockdowns. economy was reaching the trough of the COVID-19 recession. It's striking to think that just two years ago, the U.S. With inflation too high, we are focused on restoring price stability, while maintaining a strong labor market.īefore I go any further, I should give the standard Fed disclaimer that the views I express here are my own and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or anyone else in the Federal Reserve System. But I want to say at the outset that we at the Federal Reserve are committed to fulfilling our dual mandate of price stability and maximum employment. I'll talk more about that today, as well as give you my views on inflation and the economic outlook. But there are also idiosyncratic components that have distinct effects for the U.S. If we think back on what many of us learned in statistics about factor analysis, the pandemic and the Russian invasion can be seen as factors that have common effects across countries. In addition to staggering human suffering, these events are imposing considerable economic and financial hardships around the world. I've thought of that as I've reflected on the significant challenges we face today-the ongoing pandemic and the Russian invasion of Ukraine.
Whenever I visit a college campus, I am reminded that some of the concepts I learned as a student can become more meaningful over time, often in surprising ways. It's great to be able to attend an event like this in person, and to see so many of my esteemed colleagues here today. I'm so pleased to be here at Princeton University.
0 kommentar(er)
