monetary policy. as part of this effort, i provide a comprehensive update on my outlook for the economy and monetary policy several times during the year. once a year we publish our staff ’ s judgmental economic forecast. we have also provided in the liberty street economics blog discussions of an internal staff modelbased economic forecast. in addition, we now regularly release our real - time forecast of “ current quarter ” real gdp growth. all of these help the public to understand our assessment of economic conditions through the lenses of these different types of forecasts. when asked about the trajectory for the monetary policy stance, i always point out that it is data dependent. the fomc calibrates the stance of monetary policy to best achieve our twin objectives of price stability and maximum sustainable employment, taking into account our forecast for how the economy is evolving. this forecast reflects the ongoing flow of the data. data releases that are close to our expectations have little additional impact on the forecast, while data releases that deviate significantly from our expectations can lead to more significant revisions of the forecast. it is, therefore, important for market participants and households to be able to follow the data along with the fomc and to understand how we are likely to interpret and react to incoming data. while market analysts readily have access to economic and financial data, this access is not widely available to everyone. to help fill this information gap, for the past year we have been bis central bankers ’ speeches making available on our website a monthly publication called u. s. economy in a snapshot. this publication contains a set of key data charts as well as commentary by our staff economists. the purpose is to provide interested readers easy access to clear and concise presentations of important economic information. the associated commentary provides some pertinent observations one might draw from the data. our goal is to provide information that helps households and businesses follow the data along with the fed. if people know more about how the economy is performing and how that is likely to influence our actions, this should make it easier for us to achieve our twin objectives. i will now turn it over to rob to discuss the snapshot in greater detail. bis central bankers ’ speeches

to meet capital needs. another long - run macroeconomic force has gathered substantial momentum in the last decade : the shift of income, wealth and economic energy from the so - called advanced economies of the united states, japan and europe to the so - called emerging economies. ten years ago, the emerging market countries accounted for about 20 percent of world gdp – the advanced economies 80 percent. today the proportion is 40 / 60, and the emerging market countries continue to grow substantially faster than the large advanced economies. yes, china is an important component of that growth, but the trend reflects strong performance in recent years in many regions of the world outside the advanced economies. a further long - run force, seen as the most disruptive, is technology. at one time, the financial system, perhaps until the 1970s or 1980s, played an important role in searching for savers / investors to contribute to financing those major investments. much of the work of identifying and linking the sources and the uses of funds has been facilitated or even taken over by technology – just think of the ubiquity of trading platforms, screens, and financial news and, beyond that, the increasing automation and artificial intelligence applied to credit evaluation, financial analysis, and trading activities. i mention these three long - run forces because the financial industry has been and still is adapting to these trends. indeed, the major transformation in the u. s. financial industry that bis central bankers ’ speeches occurred in the course of the 1980s and 1990s – the development of over - the - counter derivatives markets, the shift toward a larger role for securities markets relative to banking markets – was just such an adaptation to the long - run forces of change. the shift reflected the growth of institutional wealth and the power of technology, ubiquitous information and expanded financial know - how. in 1986, the derivatives markets were still nascent and securitization had just begun to spread outside the mortgage markets in the united states. at that time, a task force of central bankers, the precursor to today ’ s committee of the global financial system, which reports to the global economy meeting of 31 central bank governors, published a volume titled recent innovations in international banking. 1 the report was notable for being among the first to describe what was then a set of new financial instruments, such as over - thecounter derivatives and the expanded use of financial options. the study noted the tremendous momentum behind the 1980s wave of financial innovation, the likelihood of those forces continuing, and the changes already