Two years into the COVID-19 pandemic, the economy is remarkably strong.  But a sharp recovery in consumer demand, ongoing supply constraints, and a tight labor market have led to levels of inflation that are well above the Fed's two percent target. These elevated levels have drawn comparisons to the painful "Great Inflation" of the 1970s and prompted calls for aggressive action on the part of monetary policymakers.

Mary C. Daly, President of the Federal Reserve Bank of San Francisco, will discuss her perspective on current economic conditions, explain why this moment differs from the Great Inflation, and describe how policy will need to adjust to meet the dual goals of price stability and full employment. 

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