too low, the fed and other central banks have less room to cut rates to support the economy during downturns. so, in this review, we are examining strategies that might better allow us to symmetrically and sustainably achieve 2 percent inflation. doing so would help prevent inflation expectations among consumers, businesses, and investors from slipping too low, as they appear to have done in several advanced economies. more - firmly anchored expectations, in a virtuous circle, would help keep actual inflation around our target, thus preserving our ability to change interest rates as appropriate to meet our mandate. we are also looking at whether our existing monetary policy tools will be adequate when the next downturn comes. finally, we are asking whether our communications practices can be improved to better support the effectiveness of our policy. after today, we have one fed listens session remaining, later this month in chicago. at the july meeting of the federal open market committee, my colleagues and i began discussing what we have learned so far from the fed listens events. we continued that discussion at our september meeting and have a lot left to do. we plan to publicly report our conclusions during the first half of next year. one clear takeaway of the sessions so far is the importance of sustaining this historically strong 1 / 2 bis central bankers'speeches job market. people from low - and moderate - income communities tell us that this long recovery, now in its 11th year, is benefiting them and their neighbors to a degree that has not been felt for many years. employers are partnering with community colleges and nonprofit organizations to offer training. and people who have struggled to stay in the workforce in the past are getting new opportunities. once again, i ’ m happy to be here. now it is your turn to speak. we ’ re listening. 2 / 2 bis central bankers'speeches

at the bok, i hope that our younger employees will feel more confident and proactive in asking such questions to their superiors. if they were to ask me these questions, my answers would be something like this. " why? because we need to change. " " me? yes, you, because you are the very generation that feels the need to change the most. " " now? absolutely, because if not, we will be left behind. " as i have repeatedly emphasized, this is that everyone can express their own views regardless of seniority. i encourage you to move away from the mindset of merely accepting instructions from your senior officials, even when it is challenging to agree with them, and to step forward actively to bring about a change in this regard. also, i would like to kindly remind our senior officials that they must recognize their duty to 4 / 5 bis - central bankers'speeches nurture future leaders and to cultivate an environment where younger employees can fearlessly question conventional practices. in order to learn from the past, to forge a new path forward, we need to combine the fresh ideas of our younger employees with the wisdom of our senior members. this year, let us work together to make the bank of korea a pioneer of change without compromising its core essence as the central bank of korea. i will take the lead and spare no effort. as we celebrate our 73rd anniversary, i would like to once again express my sincere appreciation to all of you for your hard work. i wish you and your family all the very best. thank you. references hong, k. s., & choi, i. h. ( 2023 ), " key risk factors in the conditions of medium - term policy operations ", bank of korea blog. bank of korea ( 2022 ), monetary policy report, 2022 ( december ). bank of korea ( 2023 ), monetary policy report, 2023 ( june ). bank of korea ( 2023 ), payment and settlement systems report 2022, 2023 ( april ). 1 for details, see " key risk factors in the conditions of medium - term policy operations " ( bank of korea blog, may 2023, only in korean ). 2 for details, see " - 4. financial and foreign exchange markets " in the monetary policy report ( bank of korea, december 2022 ) ; and " increasing risks in the financial sector " in the monetary policy report ( bank of korea, june 202