Charles I. Plosser, President of Federal Reserve Bank of Philadelphia gave the 33rd Annual Economic Seminar on  January 11, 2012 in Rochester, New York.


Despite past challenges, I remain optimistic about the economy’s future. In part, my optimism arises from my belief in the fundamental resiliency of our market economy. Although I’m optimistic, I’m also realistic. I know that in the past year, the U.S. economy has failed to live up to the expectations of growth that I and many economists had at the beginning of 2011. A year ago most economists were forecasting that economic growth would be 3 percent or a bit more in 2011. Instead, growth is likely to turn out to be less than 2 percent.

Full transcript can be found at the Fed’s website, here.