and which can include changes in either investor sentiment or risk aversion, price movements due to forced selling by either levered investors or convexity hedgers, and a variety of other effects that fall under the broad heading of internal market dynamics. this observation reminds us that it often doesn ’ t make sense to try to explain a large movement in asset prices by looking for a correspondingly large change in expectations about economic fundamentals. so while we have seen very significant increases in long - term treasury yields since the fomc meeting, i think it is a mistake to infer from these movements that there must have been an equivalently big change in monetary policy fundamentals. nothing we have said suggests a change in our reaction function for the path of the short - term policy rate, and my sense is that our sharpened guidance on the duration of the asset purchase program also leaves us close to where market expectations – as expressed, for example, in various surveys that we monitor – were beforehand. i don ’ t in any way mean to say that the large market movements that we have seen in the past couple of weeks are inconsequential or can be dismissed as mere noise. to the contrary, they potentially have much to teach us about the dynamics of financial markets and how these dynamics are influenced by changes in our communications strategy. my only point is that consumers and businesses who look to asset prices for clues about the future stance of monetary policy should take care not to over - interpret these movements. we have attempted in recent weeks to provide more clarity about the nature of our policy reaction function, but i view the fundamentals of our underlying policy stance as broadly unchanged. thank you. i look forward to your questions. bis central bankers ’ speeches

role as a reserve currency globally. moreover, we have a robust and diverse banking system that provides important services along with a widely available and expanding variety of digital payment options that build on the existing institutional framework with its important safeguards. circumstances where the central bank issues digital currency directly to consumer accounts for general - purpose use would raise profound legal, policy, and operational questions. that said, it is important to study whether we can do more to provide safer, less expensive, faster, or otherwise more efficient payments. some jurisdictions are likely to move in this direction faster than others, based on the particular attributes of their payments and currency systems. at the federal reserve, we look forward to collaborating with other jurisdictions as we continue to analyze the potential benefits and costs of central bank digital currencies. most immediately, the federal reserve is actively working to introduce a faster payment system for the united states, to improve the speed and lower the cost of consumer payments. in many countries, consumers are already able to make real - time payments at low cost. this summer, the federal reserve announced the first new payment service in more than 40 years — the fednow service — to provide a platform for consumers and businesses to send and receive payments immediately and securely 24 hours a day, 365 days a year. - 9as the public and private sectors work to reduce payment frictions, one of the most important use cases is for cross - border payments, such as remittances. current cross - border payments solutions are often slow, cumbersome, and opaque. authorities in many jurisdictions, including the united states, recognize the importance of cooperating across borders with each other and the private sector to address these cross - border frictions. 13 technology will continue driving rapid change in the way we make payments and the concept of “ money. ” as central bankers, we recognize the power of technology and innovation to transform the financial system and reduce frictions and delays, and the importance of preserving consumer protections, data privacy and security, financial stability, and monetary policy transmission and guarding against illicit activity and cyber risks. given the stakes, any global payments network should be expected to meet a high threshold of legal and regulatory safeguards before launching operations. the work ahead is not easy — the policy issues are complex, the coordination challenges are significant, and there are likely to be few simple fixes. because the road ahead is complicated and challenging, i am especially pleased that benoit will continue to help us navigate these issues as the new