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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
The outlook for the economy and inflation, and the case for Federal Reserve independence
Janet L. Yellen
Abstract

A massive structural budget deficit threatens the long-term economic health of the United States. But the fiscal imbalance won't necessarily fuel inflation as long as the Federal Reserve retains the independence to pursue its objectives of maximum sustainable employment and price stability. The following is adapted from a presentation made by the president and CEO of the Federal Reserve Bank of San Francisco to Town Hall Los Angeles on March 23, 2010.


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Janet L. Yellen, "The outlook for the economy and inflation, and the case for Federal Reserve independence" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 10, 2010.
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Keywords: Economic conditions - United States ; Economic forecasting - United States ; Inflation (Finance) ; Federal Reserve System - Independence
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