Feb. 27, 2008
Chairman [Barney] Frank (D-Mass.), Ranking Member [Spencer] Bachus (R-Ala.), and other members of the Committee, I am pleased to present the Federal Reserve's Monetary Policy Report to the Congress. In my testimony this morning I will briefly review the economic situation and outlook, beginning with developments in real activity and inflation, then turn to monetary policy. I will conclude with a quick update on the Federal Reserve's recent actions to help protect consumers in their financial dealings.