Statement on Longer-Run Goals and Monetary Policy Strategy  iii

Abbreviations  v

Summary  1

Recent Economic and Financial Developments  1

Monetary Policy  3

Special Topics  4

Recent Economic and Financial Developments  5

Domestic Developments  5

Box 1. Employment and Earnings across Demographic Groups  12

Financial Developments  27

Box 2. Developments Related to Financial Stability  30

International Developments  33

Monetary Policy  37

Box 3. Developments in the Federal Reserve's Balance Sheet and Money Markets  40

Box 4. Monetary Policy Rules in the Current Environment  42

Summary of Economic Projections  45

Box 5. Forecast Uncertainty  61

Appendix: Source Notes  63