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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. 1 Figure 1: Unemployment Source: Bureau of Labor Statistics. The shaded area denotes U.S. recession. Last observation: October 2023. 2 Figure 2: Inflation Source: Bureau of Economic Analysis. The shaded area denotes U.S. recession. Last observation: September 2023. 3 Figure 3: Comparing Tightening Cycles Sources: Board of Governors of the Federal Reserve System and author’s calculations. Last observation: Nov. 6, 2023. 4 Figure 4: The Fed’s Balance Sheet Sources: Board of Governors of the Federal Reserve System and author’s calculations. Last observation: October 2023. 5 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. 6 Connect With Us Visit stlouisfed.org Browse publications featuring expert research and analysis Follow @stlouisfed on X, Instagram, LinkedIn and more Discover free economic education resources for all learners Find community development tools that support an economy for all Explore the Economy Museum online and see how to visit in person Get timely economic data from FRED® Subscribe to email alerts: Receive updates in your inbox 7