On February 16–17, the Global Interdependence Center, in partnership with University of South Florida Sarasota Manatee and the Florida West Coast Chapter of the Air Force Association, held the first in a series of four programs titled “Ukraine: One Year Later.”
Click the image immediately below or the following URL to view all sessions in a YouTube playlist: https://youtube.com/playlist?list=PLu1JZIQ1mPrvJCpMDyndDkj4eOOMIYzlA
The complete videos for day one and day two of the first program, or Session I, are available here:
Session I, Day one, February 16: https://www.youtube.com/watch?v=sIjrlpXDeWA
Session I, Day two, February 17: https://www.youtube.com/watch?v=-ftAG1lVTrU
The next URL link will take you directly to the keynote delivered by Loretta J. Mester, Ph.D., President & CEO, Federal Reserve Bank of Cleveland. We provide a small summary in the text that follows.
Session 1 Day 1: Monetary Policy & Market Implications "Keynote presentation" by Loretta J. Mester, Ph.D., President & CEO, Federal Reserve Bank of Cleveland: https://www.youtube.com/watch?v=sIjrlpXDeWA&t=1085s
Video & Keynote Summary
President Mester spoke on the outlook for the US economy. She emphasized that returning the economy to the Fed’s 2% inflation goal and price stability is imperative for sustaining healthy labor markets and our standard of living. She discussed the causes and the impacts of the high inflation that has persisted for the past two years. She said that labor demand continues to outstrip labor supply. There is, however, a labor shortage in the healthcare sector and an ongoing reduction in labor force participation. She noted that with the economy now growing well below trend, the labor market can be expected to cool off. She stated, however, that further policy actions will be necessary to rein in inflation. She pointed out that the Fed’s Summary of Economic Projections (SEP) suggests that inflation will not be restored to the 2% level until 2025, and that projection might be optimistic, based on the Cleveland Fed’s own research. Mester emphasized that her policy views are importantly affected by risk-management considerations, with Russia’s war in Ukraine being a key risk, particularly as it affects inflation through higher food and energy prices.
In the Q&A session that followed Mester’s presentation, David Kotok asked her to respond to recent speculation by commentators that the Fed might have to raise its 2% inflation goal to 3% or even higher to moderate the pain of economic contraction. “There’s no intention of changing the target,” she replied; “we’re going to be resolute in bringing inflation down.”
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