toward pre - pandemic levels. indeed, the labor force participation rate of women in their prime working years reached an all - time high in june. demand for labor has moderated as well. job openings remain high but are trending lower. payroll job growth has slowed significantly. total hours worked has been flat over the past six months, and the average workweek has declined to the lower end of its pre - pandemic range, reflecting a gradual normalization in labor market conditions ( figure 5 ). this rebalancing has eased wage pressures. wage growth across a range of measures continues to slow, albeit gradually ( figure 6 ). while nominal wage growth - 7must ultimately slow to a rate that is consistent with 2 percent inflation, what matters for households is real wage growth. even as nominal wage growth has slowed, real wage growth has been increasing as inflation has fallen. we expect this labor market rebalancing to continue. evidence that the tightness in the labor market is no longer easing could also call for a monetary policy response. uncertainty and risk management along the path forward two percent is and will remain our inflation target. we are committed to achieving and sustaining a stance of monetary policy that is sufficiently restrictive to bring inflation down to that level over time. it is challenging, of course, to know in real time when such a stance has been achieved. there are some challenges that are common to all tightening cycles. for example, real interest rates are now positive and well above mainstream estimates of the neutral policy rate. we see the current stance of policy as restrictive, putting downward pressure on economic activity, hiring, and inflation. but we cannot identify with certainty the neutral rate of interest, and thus there is always uncertainty about the precise level of monetary policy restraint. that assessment is further complicated by uncertainty about the duration of the lags with which monetary tightening affects economic activity and especially inflation. since the symposium a year ago, the committee has raised the policy rate by 300 basis points, including 100 basis points over the past seven months. and we have substantially reduced the size of our securities holdings. the wide range of estimates of these lags suggests that there may be significant further drag in the pipeline. beyond these traditional sources of policy uncertainty, the supply and demand dislocations unique to this cycle raise further complications through their effects on - 8inflation and labor market dynamics. for example, so far, job openings have declined substantially without increasing unemployment — a highly

emmanuel tumusiime - mutebile : providing affordable banking services in uganda speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the official opening of orient bank limited, acacia mall branch, kampala, 3 april 2014. * * * the shareholders of orient bank limited ; members of the board of directors ; senior management and staff ; invited guests in your respective capacities ; ladies and gentlemen. it is an honour and pleasure for me to join you today at the official opening of orient bank ’ s acacia mall branch. let me begin by congratulating the shareholders, directors and senior management of orient bank for the commendable job they have done in implementing their branch expansion programme, thereby bringing banking services nearer to the people. during the past twenty years of operation in uganda, orient bank has expanded its service delivery channels and outlets. the branch being opened today here at the acacia mall brings the total number to twenty. ladies and gentlemen, this occasion not only marks success for orient bank in increasing its presence in the banking industry, but also lends support to the bank of uganda ’ s financial inclusion agenda, which aims to extend access to affordable financial services more widely among the population. extending access to financial services will only be possible on a large scale if banks can overcome the cost barriers which are a major obstacle to the wider provision of financial services. therefore, i would like take this opportunity to reiterate my view that banks in uganda must prioritise improving efficiency. operating costs as a share of total assets are too high. it will only be possible to provide more affordable financial services to ugandans when operating costs are brought down. one of the ways in which costs can be lowered is through the introduction of new technologies for delivering financial services, such as information technology. orient bank has been at the forefront of introducing innovative technologies and products to the ugandan banking market. it was the pioneer of the point of sale technology in uganda with its benefits of promoting a cashless economy. in addition, the bank remains the sole issuer of american express cards in uganda. i also understand that the bank will soon launch the “ chip and pin ” visa cards, an innovation that will enhance the security features of the bank ’ s existing visa card product. it is however, important to note that increased innovation comes with increased risks. i therefore urge orient bank to design robust risk management processes and internal controls to mitigate the risks inherent in technological advancement. turning