2023 survey of household economics and decisionmaking ” ( 2024 ), https : / / www. federalreserve. gov / consumerscommunities / shed. htm. board of governors of the federal reserve, economic well - being of u. s. households in 2023 ( washinton : board of governors, may 2014 ), https : / / www. federalreserve. gov / publications / files / 2023 - report - economic - well - being - us - households - 202405. pdf. banks can look for guidance on small dollar loans through interagency statements related to alternative data and small dollar loans. see board of governors of the federal reserve system, “ interagency statement on the use of alternative data in credit underwriting, ” ca letter 19 - 11 ( december 12, 2019 ), https : / / www. federalreserve. gov / supervisionreg / caletters / caltr1911. htm, and board of governors of the federal reserve, “ interagency lending principles for making responsible small - dollar loans, ” sr letter 20 - 14 / ca letter 20 - 8 ( december 12, 2019 ), https : / / www. federalreserve. gov / supervisionreg / srletters / sr2014. htm. - 5some banks that offer small dollar loan products often use automated underwriting based on alternative information that can include consumer - permissioned cash - flow data. if used appropriately, this approach can reduce bank underwriting costs, potentially making affordably priced loans available to consumers on a more timely basis. if these loans were more available in the banking system, they could serve as an alternative to more costly options from alternative financial services providers. small dollar loans targeted to low - and moderate - income consumers have the potential to provide an accessible and more fairly priced alternative when consumers experience a financial emergency. remittances and financial inclusion as we heard from our panelists earlier today, payments inclusion can look different in domestic and international contexts, but a reliable, safe, and cost - efficient payment system that minimizes unintended frictions is important to consumers around the world. international remittances can serve an important role in enhancing financial inclusion, especially in countries where these funds are a significant source of household financial support. and some research indicates that the ability to receive remittances increases the likelihood of bank account ownership, which furthers economic engagement. 7

are operating above pre - pandemic levels. however, after looking at the details of friday ’ s disappointing employment report, the near - term outlook for the labor market appears to be more uncertain than the outlook for economic activity. employment remains 8. 2 million below its pre - pandemic peak, and the true unemployment rate adjusted for participation is closer to 8. 9 percent than to 6. 1 percent. at the recent pace of payroll gains — roughly 500, 000 per month over the past three months — it would take until august 2022 to restore employment to its pre - pandemic level. but what this necessary rebalancing of labor supply and demand means for wage and price dynamics will depend importantly on the pace of recovery in labor force participation as well as the extent to which there are post - pandemic mismatches between labor demand and supply in specific sectors of the economy and how long any such imbalances persist. readings on inflation on a year - over - year basis have recently increased and are likely to rise somewhat further before moderating later this year. over the next few months, 12 - month measures of inflation are expected to move above our 2 percent longer - run goal, largely reflecting, i believe, transitory factors such as a run of year - over - year comparisons with depressed service - sector prices recorded last spring as well as the emergence of some supply bottlenecks that may limit how quickly production can rebound in certain sectors. however, under my baseline outlook, these one - time increases in prices are likely to have only transitory effects 1 / 3 bis central bankers'speeches on underlying inflation, and i expect inflation to return to — or perhaps run somewhat above — our 2 percent longer - run goal in 2022 and 2023. this outcome would be entirely consistent with the new framework the federal reserve unanimously adopted in august 2020 and began to implement at our september 2020 federal open market committee ( fomc ) meeting. 2 recent fomc decisions and the new monetary policy framework at fomc meetings convened since the new framework was announced last august, the committee made important changes to our policy statement that upgraded our forward guidance about the future path of the federal funds rate and asset purchases to bring it in line with our new framework. as announced in the september 2020 fomc statement and reiterated in the following statements — including the most recent one — with inflation running persistently below 2 percent, our policy will aim to achieve inflation outcomes that keep