Speech

The economic situation of the United States and the Federal Reserve's response

Abstract: Remarks before the Japan Center for Economic Research, Institute for International Monetary Affairs and Japanese Bankers Association, Tokyo, Japan, April 8, 2009. ; \"But it is clear to me that in this environment, inflation is unlikely to present a serious threat given the pervasive bias in the U.S. economy toward wage cuts and freezes, rising unemployment, the widespread loss in wealth that has resulted from both the housing and equity market corrections, continually declining consumption and business investment, and the anemic condition of the banking and credit system, all of which reinforce downside price pressures in a global economy groaning with excess capacity.\"

Bibliographic Information

Provider: Federal Reserve Bank of Dallas

Part of Series: Speeches and Essays

Publication Date: 2009

Number: 12