inflation expectations — near - and long - term, as well as survey - and market - based — that cover many different participants in the economy. since the onset of the pandemic, medians of many surveys of longer - run measures suggest that inflation expectations are still within their pre - pandemic ranges, despite having come up a little. this is consistent with overall pce price increases declining to a 2 percent pace. market - based measures of inflation compensation beyond - 6the near term, such as those derived from treasury inflation - protected securities, or tips, tell a similar story. i have also looked beyond the headlines of the survey data to assess how inflation expectations are moving and responding to the current high - inflation environment. for example, in the michigan surveys of consumers, we can compare households ’ perceptions of past inflation to their expectations of future inflation at the 1 - year and 5to - 10 - year horizons ( figure 8 ). the comparisons show that while households have raised their inflation expectations over the past few years, especially for the short - term measure, the increases were far less than one - for - one with how much they perceived inflation had already risen. i will monitor these comparisons to ensure that inflation expectations remain well anchored. any de - anchoring of expectations would be a major concern, as it could cause the high inflation that we have been experiencing to prove more persistent. looking ahead, the outlook for inflation will depend, in part, on how the factors restraining supply responses and boosting cost pressures in each of these three main pce price categories play out. i think it is quite possible that the organization of production and supply chains will look different in the coming years from the way they did before the pandemic, as firms evaluate some newly exposed tradeoffs between keeping costs low and supplies available. we should keep a close eye on the incoming indicators of production disruptions and bottlenecks. we should also advance our understanding of how an environment of more frequent disruptions to the production and distribution systems will affect potential output, feed into inflation, and become an important element in forecasting inflation, assessing risks, and adjusting monetary policy. - 7we must also continue to advance our understanding of inflation and its underlying structural causal relationships as well as our ability to forecast risks. progress in these areas would help us better assess developments in real time. some questions deserve further attention and study. as sectoral supply – demand imbalances have played a key role in understanding inflation in

financial goal and presents information on coverdell education savings accounts, u. s. savings bonds, and qualified tuition programs as types of savings vehicles for achieving that goal. programs on estate planning and retirement are offered, as well as seminars on financial planning and advanced investment. many of these programs are geared to those employees who have been in the workforce for many years. however, understanding that many of our young people don ’ t receive formal course work in financial matters, we designed a program that is more meaningful to new professionals. this program, which is designed for those young people just entering the workforce, discusses the importance of starting to save at a young age, homeownership, advanced education, and avoiding debt. workplace education benefits both the employer and employee. for the employee, more knowledge, one hopes, will result in better financial decisions and overall financial well - being. employees who are taking maximum advantage of the benefits available to them will more likely have greater job satisfaction, which may result in lower turnover. for the employer, research studies have shown that employees who are financially healthy are more productive. they are absent less often, spend less time at the workplace dealing with financial crises, and earn higher job performance ratings. we commend the commission for recognizing workplace education as an integral component in formulating a national financial education strategy.