is something that we must learn about by seeing how the job market is operating. that is very different from the longer - run level of inflation, which central banks are presumed able to determine over time. at our conference in chicago, we also asked the panelists about our communications with the public, and the responses were humbling. the federal reserve communicates with the public about monetary policy through a variety of channels. at each of our policy - setting meetings, the fomc issues a statement, and chair jerome powell holds a press conference. three weeks after the meeting, the minutes of the meeting are published. twice a year, the federal reserve submits a monetary policy report to the congress. we heard in chicago that most members of the public care a lot about the job market and the cost of credit, but they are not aware of our communications about monetary policy. 8 of course, the media plays an important role in communicating our monetary policy actions and how they affect the economy. and the congress, which plays an important role in overseeing the fed, is a key audience as well. nonetheless, considering how we can provide greater visibility to the public about what we do will be one of the issues we will be considering as our policy review continues. listening now, how does today ’ s event fit into all of this? since i arrived at the fed, i have derived tremendous benefit from visiting communities all over the country to hear from them how they are experiencing the economy. today president mester and i want to hear from you. how is your community experiencing today ’ s economy? is everyone who wants a job able to get one? can they get the necessary training? are businesses finding it relatively easy to hire the workers they need? how does price inflation and wage growth affect you? what about the availability and cost of credit — whether to start or expand a small business, buy a car to get to work, or invest in owning a home or getting a degree? and are there ways we can better communicate with you? i look forward to hearing your views on these and other questions. 1 i am grateful to john roberts of the federal reserve board for his assistance in preparing this text. these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. 2 see richard h. clarida ( 2019 ), “ the federal reserve ’ s review of its monetary policy strategy, tools, and communication practices, ” speech delivered at

for profit, such as the trading account for banks. and we support enhanced disclosures of fair value - based information. however, we believe that the accounting industry should be very careful before moving toward a comprehensive fair value approach, where all assets and liabilities are recorded on the balance sheet at fair value and changes in fair value are recorded in earnings, whether or not realized. in today's world, with the myriad of complex financial instruments that exist and are constantly being created, developing verifiable and auditable fair value estimates is a major concern. the lack of observable market prices, differences in modeling assumptions, expectations of future events and market conditions, as well as customer behavior make the task of assigning appropriate valuations very difficult. and because fair value models are forward looking, the auditor has an additional challenge of determining the line between normal variability in expectations that surrounds any forecast and earnings manipulation. to its credit, the financial accounting standards board ( fasb ) has recently issued an exposure draft on fair value measurement. the proposal was developed to provide a framework for fair value measurement objectives, and it is just the initial phase of a long - term fair value project. the initial phase is generally intended to apply to financial and nonfinancial assets and liabilities that are currently subject to fair value measurement and disclosure. it is not intended to expand the use of fair value measurements in financial statements at the present time. in our view, the proposal is a good first step in enhancing fair value measurement guidance, but we believe additional guidance is warranted. reliability issues should be addressed more comprehensively in the proposal. most important, the fasb should develop further guidance and conduct further research and testing to enhance the reliability of fair value measurements before the use of fair value is significantly expanded in the primary financial statements. furthermore, we believe that the fasb should work with other organizations including the public company accounting oversight board ( pcaob ), american institute of certified public accountants ( aicpa ), and accounting firms to enable the development of robust guidance that ensures fair value estimates can be verified and audited. transparent disclosure these concerns, among others, also raise the importance of disclosures in the financial statements that assist readers in understanding how the financial statements reflect the business strategy, risk management, and operating effectiveness of the enterprise. as organizations have grown in size and scope, innovative financing techniques have made it more difficult for outside investors to understand a particular firm's risk profile and the performance