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John C Williams: The economic outlook and monetary policy Presentation by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, to the CFA Hawaii Seventh Annual Economic Forecast



I would like to thank John Fernald, Rob Valletta, and Sam Zuckerman for assistance in the preparation of these remarks. The economic outlook and monetary policy Thank you. It’s a pleasure to participate in this event and to enjoy the beauty and hospitality of the wonderful state of Hawaii. Sadly, this is my first visit here in 25 years. In fact, the last time I was here was back when I worked for a small business in the San Francisco Bay Area after I graduated from college. The business owner sent me on an all-expenses-paid, weeklong vacation as a reward for hard work. Throughout my career at the Federal Reserve, I’ve tried to convince my bosses of the productivity-enhancing benefits of such an enlightened management practice. Unfortunately, I never succeeded. Now, as President of the San Francisco Fed, it is my pleasant duty to visit all nine states in the 12th Federal Reserve District. I plan to be diligent in fulfilling that duty. So, I assure you, it won’t be another 25 years till I’m back. In my remarks this evening, I’m going to talk about the current state of the economy, where it’s headed, and what the Federal Reserve is doing to boost growth while keeping inflatio

Year: 2012
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