The economic recovery and monetary policy: the road back to ordinary

FRBSF Economic Letter, 2014

Abstract: Monetary policy is moving slowly and cautiously towards normalization. Signs of improvement?falling unemployment, better financial conditions, and abating headwinds?indicate the United States is changing from extraordinary economic times back to ordinary ones. Risks to the recovery?s momentum linger, and ?normalizing? should not be confused with ?tightening.? Monetary policy will remain highly accommodative for some time. Overall, however, the outlook is positive. This letter is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the Association of Trade and Forfaiting in the Americas in San Francisco on May 22, 2014.

Date: 2014
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