expect construction to continue advancing to meet the underlying expansion in housing demand from population growth and the strong economy. in addition, low interest rates will continue to be a key factor supporting growth in housing activity. as reported in the latest summary of economic projections, released in december, most fomc participants see the current target range for the federal funds rate as likely to remain appropriate this year as long as incoming information remains broadly consistent with the economic outlook i described earlier. in closing, let me say that i would also appreciate hearing what is on your minds. as a policymaker, i particularly value opportunities to travel outside of washington to hear your perspectives on the national and local economies. these conversations improve our work at the fed by helping us make better - informed decisions. 1 1. these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. 2 2. see, for example, aditya aladangady, laura feiveson, and andrew paciorek ( 2019 ), “ living at home ain ’ t such a drag ( on spending ) : young adults ’ spending in and out of their parents ’ home, ” feds notes ( washington : board of governors of the federal reserve system, february 5 ). 3 / 3 bis central bankers'speeches

##4 – 35. for a discussion of the role of technology, see federal reserve bank of dallas ( 2018 ), “ technology - enabled disruption : implications for business, labor markets and monetary policy, ” conference held at the federal reserve bank of dallas, may 24 – 25, https : / / www. dallasfed. org / research / events / 2018 / 18ted. aspx. see lael brainard ( 2017 ), “ understanding the disconnect between employment and inflation with a low neutral rate, ” speech delivered at the economic club of new york, new york, september 5, https : / / www. federalreserve. gov / newsevents / speech / brainard20170905a. htm ; and lael brainard ( 2018 ), “ navigating monetary policy as headwinds shift to tailwinds, ” speech delivered at the money marketeers of new york university, new york, march 6, https : / / www. federalreserve. gov / newsevents / speech / brainard20180306a. htm. the michigan survey ’ s measure of inflation expectations recently moved down to its all - time low. - 11 experience with actual inflation, and that this responsiveness varies over time. 15 we can use such an approach to get an idea of how much, and how quickly, underlying inflation might respond to any particular path for actual inflation. it provides some reassurance that our goal may be achievable if inflation moves only slightly above 2 percent for a couple of years. the sep inflation projections of committee members suggest that many have, over the past year or so, envisaged a few years of a mild overshoot. 16 of course, it is not entirely clear how to move underlying trend inflation smoothly to our target on a sustained basis in the presence of a very flat phillips curve. one possibility we might refer to as “ opportunistic reflation ” would be to take advantage of a modest increase in actual inflation to demonstrate to the public our commitment to our inflation goal on a symmetric basis. 17 for example, suppose that an unexpected increase in core import price inflation drove overall inflation modestly above 2 percent for a couple of years. the federal reserve could use that opportunity to communicate that a mild overshooting of inflation is consistent with our goals and to align policy with that statement. such an approach could help demonstrate to the public that the committee is