that high and rising federal debt can, in the longer term, restrain private investment and, thereby, reduce productivity and overall economic growth. putting the federal budget on a sustainable path would aid the long - term vigor of the u. s. economy and help ensure 2 / 3 bis central bankers'speeches that policymakers have the space to use fiscal policy to assist in stabilizing the economy if it weakens. i will conclude with a few words on the technical implementation of monetary policy. in january, the fomc made the key decision to continue to implement monetary policy in an ample - reserves regime. in such a regime, we will continue to control the federal funds rate primarily by setting our administered rates, not through frequent interventions to actively manage the supply of reserves. in the transition to the efficient and effective level of reserves in this regime, we slowed the gradual decline in our balance sheet in may, and stopped it in july. in response to the funding pressures in money markets that emerged in mid - september, we decided to maintain a level of reserves at or above the level that prevailed in early september. to achieve this level of reserves, we announced in mid - october that we would purchase treasury bills at least into the second quarter of next year and would continue temporary open market operations at least through january. these actions are purely technical measures to support the effective implementation of monetary policy as we continue to learn about the appropriate level of reserves. they do not represent a change in the stance of monetary policy. thank you. i would be pleased to take your questions. 1 congressional budget office ( 2019 ), the 2019 long - term budget outlook ( pdf ) ( washington : cbo, june ). 3 / 3 bis central bankers'speeches

applied in the examination of financial institutions, enables us to identify the warning signs in the supervised institutions well in advance and to take appropriate corrective actions. we shall also continue to work closely with government ministries and agencies to ensure that operations of other microfinance institutions are properly conducted. the proposals for streamlining policy on regulation and supervision of the different forms of microfinance institutions have already been undertaken by government. you will note that of recent, bank of uganda has made public statements in the print media warning that the operations of unlicensed deposit taking business in uganda constitutes an offence punishable under the provisions of the financial institutions act 2004 and under the microfinance deposit - taking institutions act 2003. i, therefore, strongly advise the general public not to risk losing money deposited or placed in unregulated institutions. in addition, bank of uganda will continue dialogue with the commissioner for cooperative development / registrar for cooperative societies, and other stakeholders in the microfinance industry to ensure that the microfinance industry is governed in accordance with the relevant regulatory requirements. the association of micro finance institutions in uganda ( amfiu ) has also published lists of micro finance institutions and saccos affiliated to it in the news papers. the list for registered cooperative societies can be obtained from the registrar of cooperative societies / commissioner of cooperative development in the, ministry of trade, tourism and industry. i urge the public to take note of these developments. finally, it is now my privilege and honour to declare the new uganda finance trust ltd head office and main branch open and i, also, hereby unveil the new corporate identity. i thank you for your attention.