being of a short term maturity of up to six months. bonds are offered over longer tenors of up to 15 years. these instruments can be discounted at the central bank and bonds are tradeable on the nairobi stock exchange. it is also useful to highlight other critical investment products that fall under the purview of the capital markets authority ( cma ). of particular interest are equity securities and unit trusts. the nairobi stock exchange ( nse ) offers equity ( shares ) and fixed income ( debt ) securities. there are over 50 companies in diverse sectors that are currently listed on the nse. the shares of these companies provide an investment opportunity based on one ’ s risk preferences and investment horizon. recent initial public offers ( ipo ) such as the kengen one have elicited substantial interest among kenyan investors. this trend is expected to continue with forthcoming ipo ’ s in line with the government ’ s ongoing privatization programme. on the fixed income segment, the nse offers bonds, commercial paper and notes that tend to target institutional investors. i regard unit trusts as a form of “ collective investment scheme ” that provide an opportunity for small investors to access the capital markets. they involve the pooling of funds from various investors by market players licensed by the cma. the pooled funds are invested in diverse investment vehicles primarily shares based on among other factors, the investors risk appetite and liquidity preference. the returns are then proportionately shared among the investors. unit trusts particularly offer small investors the benefits of professional investment management, economies of scale and portfolio risk diversification. turning to recent significant developments in the financial sector, i will focus on microfinance and credit reference bureaus. microfinance involves the provision of diversified financial services and products to the un - banked and underserved segments of the population by different financial service providers, mainly to the low - income households and micro enterprises. microfinance plays a vital role in poverty alleviation in empowering the underserved and un - banked economically active and underprivileged social constituencies in contributing more effectively to wealth creation and economic development. the recently enacted microfinance act, 2006 provides a legal, regulatory and supervisory framework for deposit - taking microfinance business aimed at creating an enabling environment that will promote performance and sustainability of deposit - taking microfinance institutions, while at the same time protecting depositors ’ interests. one of the key hindrances to access to financial services and products by the

michelle w bowman : brief remarks - fed listens event on transitioning to the post - pandemic economy brief remarks by ms michelle w bowman, member of the board of governors of the federal reserve system, at the fed listens event on transitioning to the postpandemic economy, boston, massachusetts, 31 may 2023. * * * it is very good to be here, and to be part of this fed listens event and discussion about the effects of the pandemic experience on the u. s. economy, highlighting challenges in the labor and housing markets. while there are many ways to think about the impact of these effects, i find it helpful to consider both the cyclical or temporary factors and those that are structural and longer term. as monetary policymakers, we are primarily focused on the cyclical mattersmeaning how the pandemic and the measures taken to address it complicated accomplishing our dual - mandate objectives of maximum employment and stable prices. making the best monetary policy decisions over the business cycle requires distinguishing between temporary effects and lasting, structural changes. today's agenda includes the employment recovery following the high unemployment during the spring of 2020 leading to the current tight labor market. today's labor market strength reflects policy decisions taken in light of the pandemic experience, including the widespread lockdowns, reliance upon remote work, and other factors that may have structurally altered the labor market. i am very much looking forward to the discussion. i also look forward to learning from the perspectives of today's participants from around new england about the issues that will be discussed today. i find it especially helpful to participate in regional discussions to broaden my understanding of economic conditions throughout the country. this local perspective is one of the great advantages of the federal reserve system's regional structure, and of the fed listens initiative, which complements the board's efforts to understand national economic conditions. in 2019, the board launched fed listens with a year of listening sessions with the public focused on monetary policy and, specifically, on how the federal open market committee uses interest rates and other tools to promote a healthy economy. while data can tell us a lot, learning about the experiences behind those data helps bring economic data to life for me and for my colleagues. through fed listens and other engagements with the public, we hear about how americans are faring in the economy and about how our policy decisions affect individuals, businesses, and communities. so our efforts to enhance