our interpretations of the latest data and the implications of those interpretations for the outlook for economic activity, labor market conditions, and inflation. conclusion in summary, the u. s. economy has continued to recover from the effects of the financial crisis and deep recession, though at a pace that has been disappointingly slow. the recovery does appear to have picked up steam in some sectors, most notably in housing, likely reflecting the easing of some of the headwinds that had been holding back the pace of the recovery in earlier years. however, federal fiscal policy remains an important source of restraint. in light of these factors, most members of the fomc project a modest improvement in the pace of the recovery this year and next, and, accordingly, a modest decline in the unemployment rate. the federal reserve will continue to conduct monetary policy so as to promote a stronger economic recovery in the context of price stability. bis central bankers ’ speeches

sarah bloom raskin : prospects for a stronger recovery speech by ms sarah bloom raskin, member of the board of governors of the federal reserve system, at the society of government economists and the national economists club, washington dc, 16 may 2013. * * * thank you. i am very pleased to be here among an audience of professional economists, which is certainly preferable to appearing before an audience of unprofessional economists. i like your kind! your talents are needed now more than ever as we try to put the tools of the economic profession to work for the common good. it's easy to be an economist who looks back on crises and crashes and tries to explain why they happened, but much harder to be an economist whose efforts manage to help stop them from happening in the first place. economic policymaking, at its best, reflects a continuous struggle to make sure that data and explanations of such data are consistent with real experience. if we're to engage in this struggle honestly, it's no easy task. it involves understanding not just the reliability and signal in various data, but also questioning whether the data accords with our understanding of actual experience. so, to get this right requires many different perspectives, not just on the data but on the underlying realities the data are trying to capture. government economists understand that non - economists bring something valuable to the table in policymaking – a grounded perspective in what is happening in the economy. with that said, what is really happening now in the american economy? what do the economic data we see at the federal reserve currently show, and how do we think these data line up with the economic realities of most american households and businesses? in my remarks today i will offer my assessment of recent economic developments and the economic outlook, and i will discuss the actions that the federal reserve has been taking, in light of its view of developments and the outlook, to support the economic recovery. before i begin, i should note that the views that i will be presenting are my own and not necessarily those of my colleagues on the federal open market committee ( fomc ) or the board of governors. recent economic and financial developments for the past three and a half years the u. s. economy has been in a recovery – albeit a very weak one – from a severe financial crisis and the deepest recession of the post - world war ii period. the unemployment rate, which reached a high of 10 percent in the fall of 2009, has since come