Thank you, Chris. I guess you're assured a kind introduction when it comes from someone who works for you. Thank you all for inviting me to speak. And thanks to the Volcker Alliance for the important work you do. Let me extend a special welcome to your president, Thomas Ross; to my predecessor, Dennis Lockhart; to Mayor Shirley Franklin; and to all of our distinguished guests. Today, I'd like to discuss a topic that I hope will provide context for your work on fiscal concerns—inflation. I must confess I'm feeling professorial, and there is a lot of material to cover in the next 20 minutes, so let's get right to it. ... (full story)