partner to offer innovative companies next - generation financial management, ” press release, july 16, 2014, www. svb. com / news / company - news / xero - and - silicon - valley - bank - partner - to - offerinnovative - companies - next - generation - financial - management /. 40 see, e. g., penny crosman, “ data - sharing debate grows contentious as fintechs vent grievances, " american banker, august 15, 2017, www. americanbanker. com / news / data - sharing - debate - grows - contentious - asfintechs - vent - grievances. 41 see 12 cfr section 1005. 2 ( m ) ( 1 ). ( excluding from the definition of “ unauthorized electronic fund transfer ” any “ electronic fund transfer initiated … a person who was furnished the access device to the consumer ’ s account by the consumer ….. ” ) 42 comment 2 ( m ) - 2 clarifies that if “ a consumer furnishes an access device and grants authority to make transfers to a person... who exceeds the authority given, the consumer is fully liable for the transfers unless the consumer has notified the financial institution that transfers by that person are no longer authorized. " 43 see kaitlin asrow and beth brockland, liability, transparency and consumer control in data sharing ( washington : center for financial services innovation, september 18, 2017 ). ( “ there are differing interpretations of how regulations, such as the occ ’ s third party risk management guidance, the grammleach - bliley act ’ s privacy and safeguard rules, and regulation e liability limits, should be applied to data sharing between financial institutions and third parties like data aggregators and financial technology applications. ” ) see also jpmorgan chase, “ how you can protect yourself, ” ( last visited october 18, 2017 ), www. chase. com / digital / resources / privacy - security / security / how - you - can - protect > ; liz weston, “ why banks want you to drop mint, other ‘ aggregators,'" reuters, november 9, 2015, www. reuters. com / article / us - column - westonbanks / why - banks - want - you - to - drop - mint - other - aggregators - iduskcn0sy2gc20151109. 44 see, e. g., board of governors of

adriana d kugler : the outlook for the economy and monetary policy speech by ms adriana d kugler, member of the board of governors of the federal reserve system, at the weidenbaum center on the economy, government, and public policy, washington university in st. louis, st. louis, missouri, 3 april 2024. * * * thank you, andrew, and thank you for the opportunity to speak here today. 1 i am very pleased to be talking here at the weidenbaum center. as an economist currently working on policy, but with a long trajectory in research, i particularly appreciate the center's multidisciplinary approach to building bridges between these two applications of economics. the federal open market committee ( fomc ) has been working to lower inflation in the context of our dual mandate of maximum employment and price stability. today i will discuss economic developments in the u. s. and how i view the current stance of monetary policy in light of recent data and longer - run trends. since i am an economist, you will not be surprised that i will talk about recent economic developments by highlighting the dynamics of supply and demand. as you all know, inflation began to rise in 2021. by mid - 2022, 12 - month inflation, based on the personal consumption expenditures ( pce ) price index, was around 7 percentmuch too high and far above the fomc's 2 percent longer - run objective. but since that time, pce inflation has slowed significantly, declining to 5. 4 percent at the end of 2022, then to 2. 6 percent at the end of 2023, and then to 2. 5 percent in february. inflation can sometimes be hard to read from overall pce inflation figures due to the volatility of food and energy prices. for that reason, it is sometimes helpful to focus on " core " pce inflation, which excludes those categories and is a better guide to the direction of inflation. core pce inflation peaked at a rate above 5 - 1 / 2 percent in early 2022 but fell rapidly during 2023. in fact, the core pce disinflation we saw last year was the fastest since the early 1980s. the progress has sometimes been bumpy from month to month, and, indeed, january and february of this year showed a bit of firming in the inflation data. but the january numbers, in particular, featured some atypical or seasonal factors that