Labor force participation peaked in early 2000, so its decline began well before the Great Recession. A portion of that decline clearly relates to the aging of the baby boom generation. But the pace of decline accelerated with the recession.
From Janet Yellen
The Federal Open Market Committee (FOMC) is committed to policies that promote maximum employment and price stability, consistent with our mandate from Congress.
Sometimes you have to make decisions without knowing all that you would like to know That's part of the job.
We necessarily operate in an environment in which there's a great deal of uncertainty. In such an environment, it makes sense to use a risk-management approach to identify and avoid the big mistakes. That's one reason I favor a cautious approach.
We are focused on Main Street, on supporting economic conditions - plentiful jobs and stable prices - that help all Americans.
Efforts to promote financial stability through adjustments in interest rates would increase the volatility of inflation and employment. As a result, I believe a macro-prudential approach to supervision and regulation needs to play the primary role.
We're charged by Congress with regulating financial institutions. We take that mission seriously. We are tough supervisors and regulators.
If we were to raise interest rates too steeply, and we were to trigger a downturn or contribute to a downturn, we have limited scope for responding, and it is an important reason for caution.
It's pretty rare to just talk to people who are having a tough time in the economy, to hear their individual stories.
When I was very young, my father had an accident. He fell down a flight of stairs, fractured his skull, and lost sight in one eye.
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