1 / 2 percent, whereas the median net worth for families with incomes below $ 25, 000 declined and medians for non - whites and hispanics were little changed. although this performance leaves much to be desired, positive signs can also be found. for example, between 1995 and 2000 the homeownership rate among minorities rose from 44 percent to 48 percent, and for the first time, the fraction of households without some kind of transaction account fell below ten percent. one challenge we face in expanding opportunity for all americans is to overcome the anxieties created by technological innovation. in the workplace, for example, significant segments of our population have exhibited fears that their skills will not be adequate to deal with a rapidly changing work environment. clearly, technological advances make some jobs obsolete - for example, switchboard operators and tenders of typesetting machines. but even for many other workers, a rapidly evolving work environment in which the skill demands of their jobs are changing can lead to very real concerns about losing their jobs. one very tangible response to this anxiety has been a massive increase in the demand for educational services. the day when a high - school or college education would serve a graduate for a lifetime is gone. today ’ s recipients of diplomas expect to have many jobs and to use a wide range of skills over their working lives. as a result, we are moving toward a more flexible educational system - one that integrates work and training and that serves the needs both of experienced workers at different stages in their careers and of students embarking on their initial course of study. community colleges, for example, have become important providers of job skills training not just for students who may eventually move on to a four - year college or university but also for individuals with jobs - particularly older workers seeking to retool or retrain. as in the workplace, fostering education that will enable individuals to overcome their reluctance or inability to take full advantage of technological advances and product innovation in the financial sector can be a means of increasing economic opportunity. as market forces continue to expand the range of providers of financial services, consumers will have more choice and flexibility in how they manage their financial matters. they will also need to accumulate the appropriate knowledge on how to use new technologies and on how to make financial decisions in an informed manner. indeed, surveys repeatedly demonstrate a strong link between education and the use of new financial technologies. for example, data from the survey of consumer finances suggest that a higher level of education significantly increases

and fabian winkler ( 2020 ), “ how robust are makeup strategies to key alternative assumptions? ” finance and economics discussion series 2020 - 069 ( washington : board of governors of the federal reserve system, august ), https : / / doi. org / 10. 17016 / feds. 2020. 069. see don kim, cait walsh, and min wei ( 2019 ), “ tips from tips : update and discussions, ” feds notes ( washington : board of governors of the federal reserve system, may 21 ), - 12 making those adjustments, tips - based 5 - and 10 - year inflation expectations were 1. 41 percent and 1. 66 percent, respectively, on the final day of the third quarter, up from the lows experienced in march but well below their historical average. finally, it is useful to consult measures of underlying trend inflation. 15 a variety of estimates using time - series models suggest that underlying trend inflation may have moved down by as much as 1 / 2 percentage point over the past decade. 16 it is difficult to anticipate how long it will take to achieve the conditions set out in the forward guidance. the september summary of economic projections shows that most participants do not currently anticipate that the policy rate will depart from its lower bound by the end of 2023. when it does lift off, the policy rate could be expected to change only gradually, reflecting the commitment to remain accommodative until inflation has moderately exceeded 2 percent for some time. of course, the pace of the https : / / www. federalreserve. gov / econres / notes / feds - notes / tips - from - tips - update - and - discussions20190521. htm. see lael brainard ( 2017 ), “ understanding the disconnect between employment and inflation with a low neutral rate, ” speech delivered at the economic club of new york, new york, september 5, https : / / www. federalreserve. gov / newsevents / speech / brainard20170905a. htm. stock and watson introduced an estimate of trend inflation that assumed time - varying volatility. cecchetti and others provided an update of that model that estimated trend inflation for core pce prices in 2017 as about 1 - 1 / 2 percent in the past few years, compared with readings above 2 percent in the 2006 – 08 period ( see figure 4. 1