Full text of Statements and Speeches of Susan M. Collins : Remarks for the Panel Discussion "Why Did We Miscast Inflation?," at the 2023 U.S. Monetary Policy Forum sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business, New York : Slides

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Figure 1 | GDP and Consumption Expenditures
Real Gross Domestic Product

Real Personal Consumption Expenditures

Source: Bureau of Economic Analysis / Haver Analytics; author’s calculations
Note: Trend growth is estimated at a 1.8 percent annual rate for GDP, and at a 1.9 percent annual rate for consumption. Actuals are assumed at trend in 2017:Q3.

Federal Reserve Bank of Boston | bostonfed.org

U.S. Monetary Policy Forum | February 24, 2023

Figure 2 | Supply Chain Pressures and PPI Inflation

Source: Federal Reserve Bank of New York, Bureau of Labor Statistics / Haver Analytics

Federal Reserve Bank of Boston | bostonfed.org

U.S. Monetary Policy Forum | February 24, 2023

Figure 3 | Goods Expenditures less Food and Energy and Inflation

Source: Bureau of Economic Analysis / Haver Analytics

Federal Reserve Bank of Boston | bostonfed.org

U.S. Monetary Policy Forum | February 24, 2023

Figure 4 | Services Expenditures less Energy and Inflation

Source: Bureau of Economic Analysis / Haver Analytics

Federal Reserve Bank of Boston | bostonfed.org

U.S. Monetary Policy Forum | February 24, 2023

Figure 5 | GDP and Payroll Employment

Source: Bureau of Economic Analysis, Bureau of Labor Statistics / Haver Analytics; author’s calculations
Note: Trend growth is estimated at a 1.8 percent annual rate for GDP, and at 90 thousand per month for payroll employment. Actuals are assumed at trend in 2017:Q3.

Federal Reserve Bank of Boston | bostonfed.org

U.S. Monetary Policy Forum | February 24, 2023