inflation report, it would be a c + - far from failing but not stellar either. headline cpi inflation rose 0. 31 percent month over month. that barely budged the 12month total cpi inflation reading to 3. 4 percent in april from 3. 5 percent in march. more importantly for the inflation outlook, core cpi inflation, which excludes food and energy prices, came in at 0. 29 percent, down from 0. 36 percent in march and 12 - month core cpi fell to 3. 6 percent from 3. 8 percent. accounting for price data from the report last week on the producer price index, forecasts are predicting both monthly headline and core inflation based on personal consumption expenditures, the fomc's preferred gauge, rose a bit less than cpi last month. most forecasts seem to be in the range of 0. 23 to 0. 26 percent, which is less than march's monthly increase of 0. 32 percent. although both march and april may round to 0. 3 percent, it is good to see monthly inflation falling, even if it requires looking out to the second decimal point. looking across these estimates, they suggest three - month annualized core pce inflation could decline around 1 percentage point to about 3. 4 percent as the outsized january increase rolls off the 3 - month average. like the cpi inflation numbers, this is not where i want to see inflation. but, after having these three - month readings accelerate in january, february, and march, i'm happy to see a reversal of this recent pattern. it leaves me hopeful that progress toward 2 percent inflation is back on track. before i say more about the implications for policy, this seems like a good moment to make a few points about a bedrock principle of monetary policy - data dependence. the appropriate setting of monetary policy requires understanding how the economy is performing and some idea of where we think it is going. the latter typically means making a forecast or projection, based on standard macroeconomic models, of key variables and what that implies for policy. but that forecast must be validated by the incoming data. the economy is dynamic, and sometimes new or revised data can significantly change one's understanding of economic conditions and the outlook, which has implications for monetary policy. one data point alone should not change one's view of the economy, and that is why changes in one's outlook and the appropriate path for policy tend to emerge gradually and over time. while you may

sethaput suthiwartnarueput : creating a resilient future with sustainable banking speech by dr sethaput suthiwartnarueput, governor of the bank of thailand, at sustainable thailand 2021, organised by the united nations and the government pension fund, bangkok, 27 september 2021. * * * your excellency the minister of finance / distinguished guests, first, let me thank the united nations and the government pension fund for inviting me to share my remarks on sustainability which is fast becoming the most critical issue of our time. the recent un intergovernmental panel on climate change ( ipcc ) report was less of a wakeup call and more of a fire alarm. and yet, if we look at the latest un ndc synthesis report, emissions, at least measured in terms of pledges, appear to be headed in the wrong direction. this wake - up call and this alarm are particularly relevant for us here in thailand. thailand is a country which typically ranks among the top ten in the world in terms of vulnerability and susceptibility to climate change. this is not altogether surprising. we are a country with a large share of the labor force still in agriculture and a lot of our population centers and industrial areas are located in areas near to the sea and therefore vulnerable to rising sea levels. but not only are we vulnerable to climate change, we are also vulnerable to policies that countries are implementing in response to climate change. a lot of our exports are in sectors which have a large carbon footprint and will be susceptible to policy measures like the carbon border adjustment mechanism currently being put in place by the european union ( eu ), as part of the eu green deal. so, what role can sustainable banking play in taking thailand from where it is today to where it needs to be in terms of reducing its vulnerability to climate change? banks in thailand can play an important role in getting us to where we need to go. banks play the predominant role in channeling credit to the private sector. over 90 percent of private credit comes from the banking sector. so, banks will need to increasingly incorporate sustainability considerations into their lending decisions and increasingly need to improve disclosure on climate - related information. they will also need to improve their risk assessment tools. for all these to work, there needs to be a very clear tone from the top from these institutions. there has been progress to date. the thai banking sector, including the thai bankers ’ association and the association of international banks in thailand