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The outlook for the economy and inflation, and the case for Federal Reserve independence

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  • 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.

Suggested Citation

  • Janet L. Yellen, 2010. "The outlook for the economy and inflation, and the case for Federal Reserve independence," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue mar29.
    • Handle: RePEc:fip:fedfel:y:2010:i:mar29:n:2010-10
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