wu xiaoling : be objective and scrupulous to promote china ’ s financial theoretic research speech by ms wu xiaoling, deputy governor of the people ’ s bank of china, celebrating the publication of professor huang da's books, beijing, 3 june 2005. * * * professor huang da, distinguished guests : today, experts and scholars from the financial sector, education sector and publishing sector gather at the great hall of the people celebrating the publication of the collected works of huang da as an effort to promote china ’ s financial theory development. this is an important event for developing philosophical science and advancing china ’ s financial theoretic study. on behalf of mr. zhou xiaochuan, governor of the people ’ s bank of china and the president of the china financial institute as well as the two institutions, i warmly congratulate the publication of the collected works of huang da and the convening of the conference. professor huang da is a famous economist and educator, well known both at home and abroad. he is one of the scholars who first conducted monetary theory research in china and who established the discipline of finance in china. as early as when the people ’ s republic of china was founded, professor huang da began to conduct education and research activities on finance. with a scrupulous attitude, he has long conducted research on theoretical and empirical issues of china ’ s money, banking, price, public finance and macroeconomic development, etc. his research work has been essential to the development of fiscal and finance research framework and the evolution of financial theory study in china. given his outstanding contribution and position in financial research, he was a deputy to the eighth national people ’ s congress ( npc ), a member of the npc ’ s financial and economic committee and the president of the renmin university. he was also appointed a member of the first monetary policy committee of the people ’ s bank of china and the head of china financial institute. at present, he remains its honorary president. the collected works of huang da centralized his research work on financial theory. as we cheer for the publication of the collected works, we shall not forget the efforts of researchers on financial theory development in a time horizon ever since the founding of the people ’ s republic of china, in particular from the commencement of economic reform and opening up. with these efforts, a solid theoretical foundation has been laid for future development of the financial discipline and the reform of china ’ s financial system. however, we shall

for release on delivery 4 : 00 p. m. edt september 25, 2024 how we got here : a perspective on inflation and the labor market remarks by adriana d. kugler member board of governors of the federal reserve system at the mossavar - rahmani center for business and government harvard kennedy school cambridge, massachusetts september 25, 2024 thank you, john, and thank you for the opportunity to speak here today. 1 it is good to be back at the kennedy school and in particular at the mossavar - rahmani center, which has a long tradition of engaging on important policy issues. in my remarks today, i will provide my outlook for the u. s. economy and the implications for monetary policy. the combination of significant ongoing progress in reducing inflation and a cooling in the labor market means that the time has come to begin easing monetary policy, and i strongly supported the decision last week by the federal open market committee ( fomc ) to cut the federal funds rate by 50 basis points. while future actions by the fomc will depend on data we receive on inflation, employment, and economic activity, if conditions continue to evolve in the direction traveled thus far, then additional cuts will be appropriate. i will begin by summarizing where we stand on inflation, including details on how the different components of inflation have changed over time, since these facts form the basis for my judgment on where inflation is headed. i will then talk about the recent cooling in the labor market and the forces driving it as well as how shifts on this other side of our mandate fit into the overall economic outlook for the rest of this year. i will conclude with the implications of all this for appropriate monetary policy and our focus on our dual mandate. inflation based on personal consumption expenditures ( pce ) has come down from a peak of 7. 1 percent on a year - on - year basis to 2. 5 percent in july. core pce inflation, which excludes energy and food prices and tends to be less volatile, has come down from a peak of 5. 6 percent to now 2. 6 percent. based on consumer and producer the views expressed here are my own and are not necessarily those of my colleagues on the federal reserve board or the federal open market committee. - 2price indexes, i estimate headline pce and core pce inflation to be at about 2. 2 and 2. 7 percent, respectively, in august, consistent with ongoing progress toward the