The Return of Inflation—and the Rethinking of Monetary Policy?
Raphael W. Bostic, President and CEO of the Federal Reserve Bank of Atlanta, joined the Council to consider if the current framework of our monetary policy is due for a reckoning.
About this event
Ever since the financial crisis ended, monetary policy has been plagued by a central mystery: Why has inflation been so low? While unemployment decreased steadily and growth picked up, inflation consistently undershot the Federal Reserve’s inflation goal of 2 percent. Until this May, that is. Recent data revealed that, for the first time in six years, inflation was on target. Economists rejoiced, relieved that the economy was—finally—behaving the way their models predicted. Yet there is a nagging sense that though inflation has finally returned, the mystery has not yet been solved. If it took so long to hit 2 percent, is that the appropriate target in the first place? Is the current framework of our monetary policy due for a reckoning?
About the Speakers
Raphael W. Bostic
President and Chief Executive Officer, Federal Reserve Bank of Atlanta
Raphael W. Bostic took office June 5, 2017, as the 15th president and CEO of the Federal Reserve Bank of Atlanta. He is responsible for all the bank's activities, including monetary policy, bank supervision and regulation, and payment services. In addition, he serves on the Federal Reserve's chief monetary policy body, the Federal Open Market Committee.
Event sponsor
