profession, and feded has furthered these goals by making sure to include schools with significant numbers of minority students. this past school year, feded sent research assistants into nine different schools and feded volunteers have visited 38 different schools since 2012. feded was back in schools last fall, drawing from 48 research assistants who volunteered to participate. feded also sponsors several speaker events a year that bring students into this board room. students recently heard a presentation from scott alvarez, who oversees the board ’ s legal division, and, in february, vice chairman stanley fischer will speak to students at another event. feded is overseen by two research assistants, caroline shinkle and jamie lenney, along with karen pence, who is an economist at the board. all three are with us this evening and prepared to answer further questions about the program. online resources for teachers can be found on the board ’ s website at federalreserve. gov, and additional resources available throughout the system are at federalreserveeducation. org. the websites include videos in which policymakers and the staff describe the fed ’ s functions. also, the sites include historical materials and a wealth of information related to the financial crisis and the fed ’ s response. let me leave it there, and again thank teachers for participating in this town hall, and offer my thanks, on behalf of the board of governors, for the valuable work you do every day. i would be very happy to respond to your questions. 1 purposes and functions is available on the board ’ s website at www. federalreserve. gov / pf / pf. htm. 2 more information about feded is available on at www. federalreserve. gov / aboutthefed / educational - tools / fed - education. htm. 2 / 2 the board ’ s website bis central bankers'speeches

eddie yue : remarks at media standup remarks by mr eddie yue, chief executive of the hong kong monetary authority, at the media standup, hong kong, 7 july 2023. * * * today i would like to announce that, after careful consideration, the hong kong monetary authority ( hkma ) has decided to adjust the countercyclical macroprudential measures for property mortgage loans. since the measures were implemented in 2009, the hkma has been closely monitoring market conditions, including property prices and transaction volumes, and the local and external economic environment, with the aim of evaluating the need for appropriate adjustments to the measures to ensure that banks manage the risks over their property mortgage lending business effectively, and have sufficient capacity to cope with challenges from a sharp correction in property prices. following the covid - 19 pandemic and with interest rates rising, there has been a correction in housing prices in hong kong since 2022. despite a rebound early this year, market data showed that at the end of june housing prices were down 13 % from their peak in 2021. the situation in the non - residential property market was similar. the prices of offices, flatted factories and retail premises fell by 20 %, 8 % and 17 % respectively from their peaks in 2018 - 2019. externally, as major economies continue to face high inflationary pressures, interest rates may remain elevated for some time. any slow - down in the global economy due to high interest rates would inevitably affect the local economy. taking all relevant factors into account, the hkma has decided to make several adjustments to the countercyclical macroprudential measures for property mortgage loans, while continuing to maintain banking stability and ensuring the proper risk management of property mortgage loans. these adjustments include : adjusting the maximum loan - to - value ( ltv ) ratio for self - occupied residential properties. the maximum ltv ratio for residential properties with a value of hk $ 15 million or below will be increased to 70 %. for properties valued at more than hk $ 15 million and up to hk $ 30 million, the maximum ltv ratio will be increased to 60 %. for residential properties with a value above hk $ 30 million, the maximum ltv ratio will remain unchanged at 50 %. to avoid a sudden drop in applicable ltv ratios, ratios for properties in certain value ranges will change gradually. the maximum ltv ratio for non - self - use residential properties will remain unchanged at 50 %. increasing the maximum ltv ratio for