and the balance of risks. the economy is not sending any signals that we need to be in a hurry to lower rates. the strength we are currently seeing in the economy gives us the ability to approach our decisions carefully. ultimately, the path of the policy rate will depend on how the incoming data and the economic outlook evolve. we remain resolute in our commitment to the dual mandate given to us by congress : maximum employment and price stability. our aim has been to return inflation to our objective without the kind of painful rise in unemployment that has often accompanied past efforts to bring down high inflation. that would be a highly desirable result for the communities, families, and businesses we serve. while the task is not complete, we have made a good deal of progress toward that outcome. thank you, and i look forward to our discussion. 2 / 2 bis - central bankers'speeches

jerome h powell : economic outlook speech by mr jerome h powell, chair of the board of governors of the federal reserve system, to the world affairs council, the federal reserve bank of dallas and the dallas regional chamber, dallas, texas, 14 november 2024. * * * good afternoon. thank you to the world affairs council, the federal reserve bank of dallas, and the dallas regional chamber for the kind invitation to be with you today. i will start with some brief comments on the economy and monetary policy. looking back, the u. s. economy has weathered a global pandemic and its aftermath and is now back to a good place. the economy has made significant progress toward our dual - mandate goals of maximum employment and stable prices. the labor market remains in solid condition. inflation has eased substantially from its peak, and we believe it is on a sustainable path to our 2 percent goal. we are committed to maintaining our economy's strength by returning inflation to our goal while supporting maximum employment. recent economic data economic growth the recent performance of our economy has been remarkably good, by far the best of any major economy in the world. economic output grew by more than 3 percent last year and is expanding at a stout 2. 5 percent rate so far this year. growth in consumer spending has remained strong, supported by increases in disposable income and solid household balance sheets. business investment in equipment and intangibles has accelerated over the past year. in contrast, activity in the housing sector has been weak. improving supply conditions have supported this strong performance of the economy. the labor force has expanded rapidly, and productivity has grown faster over the past five years than its pace in the two decades before the pandemic, increasing the productive capacity of the economy and allowing rapid economic growth without overheating. the labor market the labor market remains in solid condition, having cooled off from the significantly overheated conditions of a couple of years ago, and is now by many metrics back to more normal levels that are consistent with our employment mandate. the number of job openings is now just slightly above the number of unemployed americans seeking work. the rate at which workers quit their jobs is below the pre - pandemic pace, after touching historic highs two years ago. wages are still increasing, but at a more sustainable pace. hiring has slowed from earlier in the year. the most recent jobs report for october reflected significant effects from hurricanes and labor strikes, making it difficult to get a