excerpt from speech: It's a pleasure to be with you. While the economy is seldom far from many people's minds, I think it's fair to say that economic conditions are garnering a bit more attention than usual right now. Housing markets have deteriorated over the last two years and the resulting losses on mortgage-related securities contributed to financial market turmoil last summer. The associated decline in employment in the construction and financial industries has contributed to a slowdown in aggregate job growth. Moreover, inflation – both overall and excluding food and energy prices – has picked up of late. As you might imagine, these developments have kept us busy at the Federal Reserve. So today, I'd like to spend some time talking about the economy. I'll begin by reviewing current economic conditions, and then go on to discuss the outlook for the coming year. Before we begin though, let me note that the usual disclaimer applies: the views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

President Jeffrey Lacker spoke to the Risk Management Association of Richmond on Jan. 18. His remarks, "The Economic Outlook for 2008," included a review of recent events in world financial markets and a discussion of actions by Federal Reserve policymakers.

President Lacker discusses current economic conditions in detail, before going on to discuss the outlook for the coming year.

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