What do I see for 2022?

What's my outlook?

Right, first of all, to me, we have the strongest economy,

perhaps I have ever seen.

Today, the FOMC raised its policy interest rate

by three quarters of a percentage point.

And we anticipate that ongoing increases will be appropriate.

We are moving our policy stance purposefully

to a level that will be sufficiently restrictive

to return inflation to 2%.

If we want to set ourselves up really, really light the way

to another period of a very strong labor market,

we have got to get inflation behind us.

I wish there were a painless way to do that.

There isn't.

So what we need to do is get rates up to the point

where we're putting meaningful downward pressure

on inflation.

And that's what we're doing.

And we certainly don't hope.

We certainly haven't given up the idea

that we can have a relatively modest increase in unemployment.

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