the federal reserve, often describe their policies in this way. i would now like to discuss how i think about two the seminal reference is john b. taylor ( 1993 ), “ discretion versus policy rules in practice, ” carnegierochester conference series on public policy, vol. 39 ( december ), pp. 195 - 214. see also richard clarida, jordi gali, and mark gertler ( 1999 ), “ the science of monetary policy : a new keynesian perspective, ” journal of economic literature, vol. 37 ( december ), pp. 1661 - 707 ; richard clarida, jordi gali, and mark gertler ( 2000 ), “ monetary policy rules and macroeconomic stability : evidence and some theory, ” quarterly journal of economics, vol. 115 ( february ), pp. 147 - 80 ; michael woodford ( 2003 ), interest and prices : foundations of a theory of monetary policy ( princeton, n. j. : princeton university press ) ; and lars e. o. svensson ( 2015 ), “ forward guidance, ” international journal of central banking, vol. 11 ( september ), pp. 19 - 64. - 5distinct roles that data dependence should play in the formulation and communication of monetary policy. it is important to state up - front that data dependence is not, in and of itself, a monetary policy strategy. a monetary policy strategy must find a way to combine incoming data and a model of the economy with a healthy dose of judgment - - and humility! - - to formulate, and then communicate, a path for the policy rate most consistent with our policy objectives. in the case of the fed, those objectives are assigned to us by the congress, and they are to achieve maximum employment and price stability. importantly, because households and firms must make long - term saving and investment decisions and because these decisions - - directly or indirectly - - depend on the expected future path for the policy rate, the central bank should find a way to communicate and explain how incoming data are or are not changing the expected path for the policy rate consistent with best meeting its objectives. 4 absent such communication, inefficient divergences between public expectations and central bank intentions for the policy rate path can emerge and persist in ways that are costly to the economy when reversed. within this general framework, let me now consider two distinct ways in which i think that the path for the federal funds rate should be

michelle w bowman : opening remarks opening remarks ( via pre - recorded video ) by ms michelle w bowman, member of the board of governors of the federal reserve system, at the " advance together : celebrating the achievements of texas community partnerships, " a public event at the federal reserve bank of dallas, dallas, texas, 24 july 2024. * * * i'd like to thank everyone for joining us today to celebrate the achievements of texas community partnerships. i am so excited to be a part of this important milestone, marking the end of the pilot round of advance together and to announce a second round for this initiative. back in 2021, during the depths of covid, i took part in the dallas fed's advance together launch event, welcoming the awardees into the initiative and looking ahead to their success. this is truly a special opportunity to recognize the progress and achievements of the four participating partnerships, each representing their diverse communities and regions in the great state of texas. advance together is an accelerator program for regional public – private – nonprofit partnerships seeking to improve education and employment outcomes for lower - income communities in texas. the dallas fed and the federal reserve system are focused on reducing and removing barriers to education attainment and workforce development to foster a strong, resilient economy. as the nation's central bank, the federal reserve board is focused on our dual mandate of price stability and maximum employment. when we think about maximum employment, we also need to consider how to foster an inclusive economy that provides economic opportunities for everyone regardless of their circumstances. every reserve bank relies on its community development function to understand the economic circumstances of communities through community initiatives and research. in response to local needs in their respective districts, each reserve bank develops initiatives and focus areas to support these efforts. collaboration matters for better community outcomes advance together was designed to address core challenges in education and workforce development. often, a lack of coordination among key organizations, fragmentation across existing resources, or incomplete approaches that don't fully identify or address the root causes of community issues lead to less successful outcomes. research from the boston fed has found that durable economic success throughout economic cycles is less dependent on factors like industry mix, demographics, or even geographic location. instead, it is the ability of local leaders to work together across 1 / 3 bis - central bankers'speeches different sectors that leads to economic resilience. leaders that collaborate with an identified plan and path over a sustained period of time toward a comprehensive vision achieve better outcomes and more inclusive