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Remarks on the U.S. Economy
and Monetary Policy
Kathleen O’Neill Paese
Interim President and CEO
Association for Corporate Growth Kentucky, CFA Society
Louisville and Financial Executives International Louisville
Nov. 9, 2023
Jeffersonville, Ind.
Any opinions expressed here are my own and do not necessarily reflect those of the Federal Reserve System or the Federal Open Market Committee.

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Figure 1: Unemployment

Source: Bureau of Labor Statistics. The shaded area denotes U.S. recession. Last observation: October 2023.
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Figure 2: Inflation

Source: Bureau of Economic Analysis. The shaded area denotes U.S. recession. Last observation: September 2023.
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Figure 3: Comparing Tightening Cycles

Sources: Board of Governors of the Federal Reserve System and author’s calculations. Last observation: Nov. 6, 2023.
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Figure 4: The Fed’s Balance Sheet

Sources: Board of Governors of the Federal Reserve System and author’s calculations. Last observation: October 2023.
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Figure 5: Labor Market Tightness

Sources: Bureau of Labor Statistics and author’s calculations. The shaded areas denote U.S. recessions. Last observation: September 2023.
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