goal in 2024. these actions should enable us to manage the proverbial soft landing in a way that maintains a sustained strong economy and labor market. both are well positioned to withstand tighter monetary policy. in fact, i expect the economy to continue to grow this year and for the unemployment rate to remain close to its current level. conclusion these are uncertain times, and the policy questions we face are challenging. but we have learned the lessons of high inflation from the past. price stability is essential for sustained economic prosperity, and we are strongly committed to using our tools as needed to achieve our price stability and maximum employment goals. 1 international monetary fund, database of fiscal policy responses to covid - 19, october 2021. 2 olivier armantier, fatima boumahdi, leo goldman, gizem koar, jessica lu, giorgio topa, and wilbert van der klaauw, " have consumers'long - run inflation expectations become un - anchored?, " federal reserve bank of new york liberty street economics, september 24, 2021 ; olivier armantier, leo goldman, gizem koar, giorgio topa, wilbert van der klaauw, and john c. williams, " what are consumers'inflation expectations telling us today?, " federal reserve bank of new york liberty street economics, february 14, 2022. 3 olivier armantier, leo goldman, gizem koar, giorgio topa, wilbert van der klaauw, and john c. williams, " what are consumers'inflation expectations telling us today?, " federal reserve bank of new york liberty street economics, february 14, 2022. 4 board of governors of the federal reserve system, federal reserve issues fomc statement, march 16, 2022. 5 board of governors of the federal reserve system, summary of economic projections, march 16, 2022. 4 / 5 bis - central bankers'speeches 6 board of governors of the federal reserve system, principles for reducing the size of the federal reserve's balance sheet, january 26, 2022. 5 / 5 bis - central bankers'speeches

changing how consumers shop for financial products and services, the prices they pay, and with which providers they establish relationships. in response, financial institutions, who once viewed technology mainly as a cost center, now see the internet and other technological capacities as strategic tools for enhancing the value of customer relationship through cross - selling and improved customization. a recent survey of bank managers in the united states reported that, for the first time, investment in internet technology was cited as the top budgetary priority, ahead of items such as investments in call - centers and brick - and - mortar branches. the growing importance of the internet as a distribution channel is also eroding traditional barriers between financial service providers and technology firms. banks are increasingly providing technology services, such as account reconciliation software and “ web - enabling ” assistance, while technology firms are making inroads into services once the domain of banks and brokerage firms, such as financial planning and bill payment. indeed, many banks are beginning to think of technology firms as competitors – or are contemplating ways to partner with them. i ’ d guess that most of us, perhaps even all of us, consider the advancement of computing and information technologies, and their role in the development of ever - more sophisticated financial instruments and techniques, to be decidedly positive developments. such technologies, and the innovation they enable, have reduced the costs of financial transactions, improved the allocation of financial resources, increased the competitiveness and efficiency of financial institutions and markets, and opened new avenues through which individuals and institutions can better diversify and hedge their risks. but with this progress has also come new and difficult challenges. the rapid pace of technological advancement and financial innovation has introduced new, highly complex elements of risk, increased the speed and volatility of the markets, and blurred the barriers between previously distinct sectors of the financial marketplace. even as supervisors confront change, the fundamental questions remain the same. where is the risk in banks ’ activities, and how effectively are they managing it? where are banks extending credit and in what form? who are banks ’ customers, and how are those customers changing? to what extent are credit risks being transformed into liquidity and operational risks? the difference today is that the timeframe for answering these fundamental questions is dramatically shortened. as supervisors, we must be able to look at rapidly changing financial institutions and assess whether their strategies make sense and whether they are effectively evaluating the risks associated with executing those strategies. technology and innovation have also rendered geographic boundaries all but meaningless, and undermine