of these revisions is that the economy ’ s underlying momentum was already somewhat less robust than previously thought, even before recent developments pointed to a less rosy outlook. the path forward so what will the response from the fed be to all of these developments? our role is to navigate a complex and at times ambiguous outlook to keep the economy growing and strong. as events unfold and conditions evolve, it ’ s critical we understand which developments are mere bumps in the road and those that will affect the outlook in a material way over the longer term. that means maintaining a data - dependent approach that takes into account the risks and uncertainty that are weighing on the economy. i will continue to consult everything from very granular data about individuals ’ experiences of employment conditions, through to the macro projections for global growth. we need to consider all of the information available and be flexible in our response. conclusion low inflation is indeed the problem of this era. the current outlook of moderate growth, low unemployment, but stubbornly low inflation is a reflection of the broader economic picture — the july rate adjustment an appropriate response to ease financial conditions and support the economy. how the u. s. outlook evolves in the future is fundamentally tied to the fortunes of the economies around the world. as i look ahead, i ’ m keeping a keen eye on all the data, both domestic and global, and the implications for our economy. with an uncertain outlook, vigilance and flexibility are essential for achieving our dual mandate goals of maximum employment and price stability. persistently low inflation, heightened uncertainty, and global cross - currents make this a particularly challenging time for monetary policy, and my laser focus is on doing the best we can to support a strong economy and achieve our 2 percent inflation goal. thank you. 1 jerome h. powell, challenges for monetary policy, speech delivered at the “ challenges for monetary policy ” symposium, sponsored by the federal reserve bank of kansas city, jackson hole, wyoming, august 23, 2019. 2 see the fomc ’ s statement on longer - run goals and monetary policy strategy, as amended effective january 29, 2019. 3 international monetary fund. 2019. world economic outlook update : still sluggish global growth. washington, d. c., july. 3 / 3 bis central bankers'speeches

of living and housing availability are still predominant concerns, among others. the entertainment, arts, businesses, culture, and landmarks that we have here in new york cannot be replicated elsewhere. but those experiences can only be had if there are jobs and a healthy economy to support it all. it's important that we invest in the study of the challenges and opportunities for employment in this city, so that we can build the future. our conference today will do just that. in our sessions this morning, we'll talk about how employment was and continues to be impacted by shifts in the city. and we'll discuss similarities and distinctions across industries and occupations, initiatives that will attract and retain a robust workforce, and more. thanks again to our speakers and panelists for the knowledge and insight they bring to this event, and to all of you for attending and demonstrating your commitment to shaping the future of this great city. 2 / 3 bis - central bankers'speeches 1 jaison r. abel, jason bram, and richard deitz, " new york fed surveys : business activity in the region sees historic plunge in april, " federal reserve bank of new york liberty street economics, april 16, 2020. 2 jaison r. abel, jason bram, richard deitz, and jonathan hastings, " the region is struggling to recover from the pandemic recession, " federal reserve bank of new york liberty street economics, december 17, 2021. 3 / 3 bis - central bankers'speeches