The White House
Council on Foreign Relations, New York, New York
As Prepared for Delivery
I appreciate the kind invitation to join you for this discussion of the US economy.
The Decline in Inflation amid an Expansion
Today, we are at an important turning point. Inflation is coming back down close to normal levels, and it is important to safeguard the important labor market progress we have made.
A few years ago, many were convinced that the combination of a large decline in inflation with a sustained expansion that we are seeing today couldn't happen. They predicted inflation could only be brought back down at the cost of considerable dislocation in the labor market. They predicted a major slowdown would be required to bring inflation down.
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