the labor market is strong. as always, challenges remain. both the initial shutdown and the subsequent reopening of the economy were without precedent. the economy has rapidly gained strength despite the ongoing pandemic, giving rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation. we know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing, and transportation. we are strongly committed to achieving our statutory goals of maximum employment and price stability. we will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched. we can begin to see that the post - pandemic economy is likely to be different in some respects. the pursuit of our goals will need to take these differences into account. to that end, monetary policy must take a broad and forward - looking view, keeping pace with an ever - evolving economy. 1 / 2 bis central bankers'speeches over the past four years, my colleagues and i have continued the work of our predecessors to ensure a strong and resilient financial system. we increased capital and liquidity requirements for the largest banks — and currently, capital and liquidity levels at our largest, most systemically important banks are at multidecade highs. we worked to improve the public ’ s access to instant payments, intensified our focus and supervisory efforts on evolving threats such as climate change and cyberattacks, and expanded our analysis and monitoring of financial stability. we will remain vigilant about new and emerging threats. we also updated our monetary policy framework, drawing on insights from people and communities across the country, to reflect the challenges of conducting policy in an era of persistently low interest rates. congress has assigned the federal reserve important goals and has given us considerable independence in using our tools to achieve them. in our democratic system, that independence comes with the responsibility of transparency and clear communication, to keep the public informed and enable effective legislative oversight. that duty takes on even greater significance when the fed must take extraordinary actions in times of crisis. in order to facilitate that transparency, and to earn your trust and that of the american people, i have made it a priority to meet regularly and frequently with you and your elected colleagues. i commit to continuing that practice if i am confirmed to another term. the federal reserve works for all americans. we know our decisions matter to every person, family, business,

haruhiko kuroda : opening remarks opening remarks by mr haruhiko kuroda, governor of the bank of japan, at the 2021 boj - imes conference hosted by the institute for monetary and economic studies, bank of japan, 24 may 2021. * * * i. introduction it is my great pleasure to welcome you all to our boj - imes conference. this is the 26th conference, and for the first time in its history since 1983, the conference is being held online. on behalf of the conference organizers, i would like to thank you all for your participation. the theme of this year ’ s conference is “ adapting to the new normal : perspectives and policy challenges after the covid - 19 pandemic. ” more than a year has passed since the outbreak of the pandemic, during which time it has caused enormous loss and damage to people all over the world. finally, we are beginning to see the light at the end of this dark tunnel as effective vaccines are being rolled out. it is at this juncture that our conference poses the following questions : what will the so - called new normal look like that emerges after the pandemic? and, how are we going to adapt to this new normal? these questions are the central theme of the conference. as a starting point, i would like to provide some common ground for developing our discussions. specifically, i would like to focus on three issues : the economic perspectives, policy challenges, and the nature of the post - pandemic new normal. ii. economic perspectives a. uneven recession and recovery in considering the economic perspectives, let me begin by touching on the characteristics of the recession caused by the pandemic and of the following recovery. simply put, the most important feature of both the recession and the recovery is their unevenness. each recession is different, but this time, the difference in the severity of the downturn among industries, business types, and occupations has been particularly dramatic. people have changed their behavior under the pandemic and in response to the containment measures. demand for goods and services that require in - person contact has plummeted. these industries have taken a huge hit and their recovery has been slow. the unevenness of the recession and the ongoing recovery could reinforce three trends that have continued since around the global financial crisis of the late 2000s. the first trend is an increase in saving. against the backdrop of uncertainty over the course of the pandemic and recovery