- efficient, functional and safe headquarters, while allowing for the necessary flexibility to foster interaction and communication – not only among staff, but also with our colleagues of the eurosystem, the european systemic risk board and other institutions. in addition, the new premises will reflect the values – integrity, excellence, efficiency and transparency – that are essential to our activities. ich bin sehr froh daruber, dass ich heute hier stehen und sagen kann, dass bisher kein schwerer unfall auf der baustelle geschehen ist – und dass, obwohl hunderte von menschen gleichzeitig auf der baustelle arbeiten. ich wunsche mir und hoffe sehr, dass dies auch fur die restliche bauzeit so bleiben wird. ihnen allen hier auf der baustelle viel gluck und alles gute. bleiben sie gesund und passen sie gut auf sich auf. i am grateful that i can stand here today and say that there have been no major accidents on the construction site – even though hundreds of people are working here at the same time. i very much wish that this will continue to be the case for the remainder of the construction process and extend my best wishes to all of you working here on the site. stay healthy and safe. ich hoffe, dass die menschen hier in frankfurt und andernorts unseren neubau als bereicherung der frankfurter skyline und der europaischen landschaft ansehen. wir in der ezb freuen uns, sie und alle besucher aus frankfurt, europa und der ubrigen welt 2014 in unserem neuen gebaude willkommen heißen zu durfen. i hope that our new premises will be viewed by the people of frankfurt, and beyond, as an enrichment of frankfurt ’ s skyline and the landscape of europe. we at the ecb look forward to welcoming all of you and all our visitors from frankfurt, europe and the world to our new home in 2014. bis central bankers ’ speeches

continued strength through february, and payroll employment increased at a very strong pace in the first quarter. however, most employment gains over the past year have been in part - time employment, and some of the recent strength in job gains may reflect stronger labor supply due to increased see, for example, the box “ monetary policy rules in the current environment ” in board of governors of the federal reserve system ( 2024 ), monetary policy report ( washington : board of governors, march ), pp. 41 – 43, https : / / www. federalreserve. gov / publications / files / 20240301 _ mprfullreport. pdf ; and federal reserve bank of cleveland ( 2024 ), “ simple monetary policy rules, ” webpage, https : / / www. clevelandfed. org / indicators - anddata / simple - monetary - policy - rules. - 15 immigration. the 12 - month readings of total and core pce inflation through february printed at 2. 5 and 2. 8 percent, respectively, much lower than a year ago. however, with the annualized 3 - month pce inflation readings moving well - above the 12 - month measures in february, i expect further progress in bringing inflation down to 2 percent will be slower this year. still, my baseline outlook continues to be that inflation will decline further with the policy rate held steady at its current level, and that the labor market will remain strong but with labor demand and supply gradually rebalancing as the number of job openings relative to unemployed workers declines. and should the incoming data continue to indicate that inflation is moving sustainably toward our 2 percent goal, it will eventually become appropriate to gradually lower the federal funds rate to prevent monetary policy from becoming overly restrictive. however, we are still not yet at the point where it is appropriate to lower the policy rate, and i continue to see a number of upside risks to inflation. first, much of the progress on inflation last year was due to supply - side improvements, including easing of supply chain constraints ; increases in the number of available workers, due in part to immigration ; and lower energy prices. it is unclear whether further supply - side improvements will continue to lower inflation. for example, the rebound in labor productivity last year may have reflected an unwinding of temporary pandemic - related labor market dynamics, such as a slowing in the high levels of employee turnover during that time. therefore, if wage gains remain elevated going forward, these