Our Mission, As Set Forth By The

Inflation Is Certainly Low And Stable And, Measured In Unemployment And Labour-market Slack, The Economy Has Made A Lot Of Progress. The Pace Of Growth Is Disappointingly Slow, Mostly Because Productivity Growth Has Been Very Slow, Which Is Not Really Something Amenable To Monetary Policy. It Comes From Changes In Technology, Changes In Worker Skills And A Variety Of Other Things, But Not Monetary Policy, In Particular.

House Prices Have Risen By Nearly 25 Percent Over The Past Two Years. Although Speculative Activity Has Increased In Some Areas, At A National Level These Price Increases Largely Reflect Strong Economic Fundamentals.

A Money-financed Tax Cut Is Essentially Equivalent To Milton Friedman's Famous 'helicopter Drop' Of Money.

The Federal Reserve Is Not Currently Forecasting A Recession.

The Gses Are Adequately Capitalized. They Are In No Danger Of Failing.