NEW YORK, May 15 -- The Federal Reserve issued the following speech on May 14, 2025, by Vice Chair Philip N. Jefferson at the Annual Conference of Second District Directors and Advisors held at the Federal Reserve Bank of New York: * * * Economic Outlook Thank you, President Williams. It is wonderful to be back in New York, and it is an honor to speak to you, the directors and advisers to the Second District. You all play an extremely important role for the Federal Reserve Bank of New York an  more