At the March Federal Open Market Committee meeting, I voted in favor of raising the federal funds rate. The U.S. economy is getting stronger and making good progress toward achieving the Federal Reserve’s full-employment and price-stability goals. Despite this progress, challenges remain that require broader steps beyond monetary policy.
Gross domestic product growth is driven by increases in the size of the labor force and gains in labor productivity. Higher levels of growth can lead to enhanced prosperity and also help the country better meet its substantial and growing future obligations for retirement and medical benefits.
