be improved in various ways, but it should be emphasised that this entails much more than security cases and bullet - proof glass. cash transport robberies are a major problem in our society and this serious crime must be combated with a number of measures by both the government and private sectors. this goes beyond the riksbank ’ s area of responsibility, but we are happy to take part in discussing issues that affect our field of operations and where we can contribute constructively. the establishment of this cash management advisory board – which is the reason we have gathered here today – should, among other things, be regarded as such. it is important that we continue to have a dialogue on these issues and contribute to greater breadth and depth in the discussions of cash management. thank you for listening, and let us now open the debate!

the stance of monetary policy to offset some significant global growth headwinds and global disinflationary pressures. i believe this shift was well timed and has been providing support to the economy and helping to keep the u. s. outlook on track. monetary policy is in a good place and should continue to support sustained growth, a strong labor market, and inflation returning to our symmetric 2 percent objective. as long as incoming information about the economy remains broadly consistent with this outlook, the current stance of monetary policy likely will remain appropriate. that said, monetary policy is not on a preset course. the committee will proceed on a meetingby - meeting basis and will be monitoring the effects of our recent policy actions along with other information bearing on the outlook as we assess the appropriate path of the target range for the federal funds rate. of course, if developments emerge that, in the future, trigger a material reassessment of our outlook, we will respond accordingly. in january 2019, my fomc colleagues and i affirmed that we aim to operate with an ample level of bank reserves in the u. s. financial system. 3 and in october, we announced and began to implement a program to address pressures in repurchase agreement ( repo ) markets that became evident in september. 4 to that end, we have been purchasing treasury bills and conducting both overnight and term repurchase operations. these efforts have been successful in achieving stable money market conditions, including over the year - end. as our bill purchases 1 / 2 bis central bankers'speeches continue to build reserves toward levels that we associate with ample conditions, we intend to gradually transition away from the active use of repo operations. and as reserves reach durably ample levels, we intend to slow the pace of purchases such that our balance sheet grows in line with trend demand for our liabilities. let me emphasize that we stand ready to adjust the details of this program as appropriate and in line with our goal, which is to keep the federal funds rate in the target range desired by the fomc, and that these operations are technical measures not intended to change the stance of monetary policy. finally, allow me to offer a few words about the fomc's review of the monetary policy strategy, tools, and communication practices that we commenced in 2019. this review — with public engagement unprecedented in scope for us — is the first of its kind for the federal reserve. through 14 fed listens events, including a research