only 22 percent of parents with children attending virtual classes agreed that their children learned as much as they would have attending classes in person at school. i hope that the return to in - person learning and reopening of schools will enable children to resume normal learning and that academic achievement will rebound. it seems that even with this return to in - person attendance, many schools are struggling to provide students with the same quality of education as they did pre - pandemic. with 1 / 3 bis - central bankers'speeches the return to onsite education, many schools are confronting challenges that impair their ability to meet the educational needs of students. a number of educators appear to have left the profession, as indicated by the nearly 100, 000 more job openings for teachers in july 2022 than before the pandemic. 1 complicating these issues, across the country the return to in - person instruction has been met by an increase in chronic absenteeism, which is defined as a student missing at least 10 percent of school days in a school year. compared to a typical school year pre - pandemic, 72 percent of u. s. public schools reported an increase in chronic absenteeism among their students during the 2021a€ “ 22 school year, which is a 39 percent increase over the previous year. 2 missed school typically means missed learning, so chronic absenteeism is a key metric of school performance. it's likely that these challenges will result in lower graduation rates and possibly less stable employment than would have otherwise been the case. these outcomes raise difficult questions about how to best respond to the needs of students and educators going forward. for example, how can curricula be adjusted to meet students where they are today, after nearly three years of pandemic - impacted learning? how can we best re - engage the larger proportion of students who may have become disconnected as a result of these pandemic - related disruptions to their education? what does this all mean for the future of the labor force? in addition to the challenges facing primary and secondary education, higher education was not immune to pandemic disruptions. like k - 12 education, studies show that online instruction reduced the academic performance of college students. 3 in addition, we have seen declines in both college enrollment and the rate of first - year college students who continue their education into a second year. 4 these declines are most pronounced at community colleges and open - access programs. some of this decline

dollars each day. many obligators temporarily lost their technical ability to pay on time, leaving those counting on receiving payments caught short. the pressures ultimately ended up concentrated in banks. those needs were met by the federal reserve, both through record lending at the discount window and through an extraordinary infusion of funds through open market operations. to facilitate the channeling of dollar liquidity to foreign financial institutions operating in the united states, thirty - day currency swap lines were arranged with major central banks, again in record volumes. it was essential in such an environment to meet all appropriate demands for dollar liquidity. as the financial markets and payment infrastructure return to normal, loans are being repaid, and the temporarily bloated balance sheet of the federal reserve is now shrinking back to normal. nobody has the capacity to fathom fully how the tragedy of september 11 will play out. but in the weeks ahead, as the shock wears off, we should be able to better gauge how the ongoing dynamics of these events are shaping the immediate economic outlook. for the longer term, prospects for continued rapid technological advance and associated faster productivity growth are scarcely diminished. those prospects, born of the ingenuity of our people and the strength of our system, fortify a promising future for our free nation.