mr. clarida: i will be as clear as i can. we said in our new framework statement that was unanimously approved in august that appropriate monetary policy following periods when inflation has been consistently below 2%, appropriate monetary policy will aim for the inflation rate to moderately exceed 2% for some time. that is an important difference with our prior framework, and which we thought 80% ceiling was great. we nap -- thought a 2% ceiling with great. we now think to anchor expectations at 2%, we need to spend some time above 2% to balance off those times that we have been below. jonathan: so how do you reconcile that with the forecast? mr. clarida: it is very simple, and i'm glad i am doing this show to make a very obvious but important point. the economy has taken the most severe hit since the great depression. we had a 30% less in economic activity. inhad a 22 million increase unemployment. absolutely staggering numbers. the economy is now beginning to recover. our projections that we released with our september sep

mr. clarida: well, as chair powell said, we believe in the power of the executive branch, but when asked,we think additional fiscal support will likely be needed. that the caresr act, which passed in march, was really a historic government response to a historic crisis, a $3 trillion package that provided significant support to the economy. the economy has made a lot of progress. about 11 million jobs have returned, but there is still a deep hole. we still have a high rate of unemployment and a lot of small and medium-sized businesses that are suffering, so, yes, additional support will likely be needed. yvonne: that was the fed vice clara, and therd white house is playing down -- the whitearida, which house is playing down. >> targeted measures might be very helpful. i do not think we need another gigantic come multitrillion dollar package. pang, aning us is jason portfolio manager at j.p. morgan asset management. jason, always good to get your insights. we heard their the fed officials really pleading for this fiscal stimulus, and it looks like it is not coming soon, and wringing their

expressinge appreciation for chair powell in vice chair clarida leading this review as well as important contributions by president williams and by mr. mead, and others. our deliberations were greatly enriched by engagement with community members at the fed listens events at every district in the country, as well as outstanding memos by staff and responses by outside experts. while the committee did not the and president of challenges of the covid-19 pandemic when the review was launched, the new statement puts us in a stronger position to support the economy. thank you. >> thank you very much, governor brainard, for that very clear and distinct statement. statement.inct we have a number of reporters who have emailed questions and people, others watching have sent questions to events @brookings.edu. i will borrow from their questions. in some cases, paraphrasing them . not sure i am going to tribute everything to everybody. to start off, you said something i think people may have missed because it went pretty quickly, about what difference it would have made had this statement in in place earlier. you said that it is likely accommod