Chicago Fed's Moskow on the US economic outlook
But, Moskow concluded, "I do not see broad-based pressures developing that would lead to a significant increase in inflation. Moreover, our economy has begun to meet the challenge of the jobless recovery."
"Time and time again our economy has proven itself resilient in the face of challenges. In spite of the jobless recovery of the early nineties, the expansion lasted a decade and created 24 million new jobs, at the same time that inflation generally continued to drift down. With its entrepreneurial culture, market-based principles, and continuing technological advances, I am confident that our economy has the ability to handle its current challenges, and the foundation to enjoy solid growth and price stability in the years ahead."
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Remarks by Michael H. Moskow, President and CEO, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, Levy Economics Institute, Bard College, Annandale-on-Hudson, NY, 23 April, 2004.
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