Patience Will Be a Virtue in Fostering a Broad-Based Sustainable Recovery

Abstract: I thank Professor Yoosoon Chang, president of the Korea-America Economic Association, for the opportunity to speak at this year’s annual forum. Over the years, the forum has had a number of distinguished speakers and it is truly an honor to speak with you this evening about the outlook for the economy and monetary policy. I believe patience will prove to be a virtue as the year unfolds. Until the vaccines have been widely distributed and many people have been vaccinated, we will all need to be patient and continue to follow public health experts’ advice to socially distance, wear a mask, and wash our hands to help control the virus’s spread. In addition, monetary policy will also need to remain patiently accommodative to support a broad-based and sustainable recovery and achievement of our longer-run goals of maximum employment and price stability.

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Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Speech

Publication Date: 2021-01-04