district ’ s metropolitan area as part of ongoing efforts to improve high school graduation rates and facilitate workforce development in line with local labor market demand. 31 cleveland ’ s analysis emphasizes the importance of investing in primary and secondary education, as well as technical education beyond high school, to ensure high school graduates possess the strong analytical and soft skills and the guidance they need to access technical and service jobs that can provide an on - ramp to the middle class. the federal reserve banks of richmond and san francisco are developing an online course, life after high school, to help students navigate their first major financial decision – choosing the path to pursue after high school. the course encourages students to explore a number of educational paths and job options and provides them with information on how investing in education can contribute to their future well - being. the federal reserve bank of boston, for its part, has focused attention on strengthening the financial capability of community college students. it has recently published promoting pathways to financial stability, a handbook designed for community college personnel and others interested in helping students learn to manage their financial lives. 32 as the economic recovery continues to strengthen, it is important that we monitor the progress of young workers and their experience in the job market, their educational outcomes, their management of student debt, and their progress toward forming independent households and owning homes. understanding the interaction of various economic pressures on young workers is the first step. the ultimate goal is to develop evidence - based policies and opportunities to support the generation that has come of age in the shadow of the great recession as they gain a foothold on the ladder to a better economic future. see paul taylor, kim parker, rakesh kochhar, richard fry, cary funk, eileen patten, and seth motel ( 2012 ), young, underemployed and optimistic : coming of age, slowly, in a tough economy ( washington : pew research center, february 9 ). see lisa nelson and francisca richter ( 2014 ), “ the prospects of non - college - bound workers in the fourth district, ” a look behind the numbers ( cleveland : federal reserve bank of cleveland, february10 ). see federal reserve bank of boston ( 2015 ), promoting pathways to financial stability : a resource handbook on building financial capabilities of community college students ( boston : federal reserve bank of boston ). bis central bankers ’ speeches

level, it means that inflation is expected to be at 3. 3 % in the fourth quarter of 2023, assuming, of course, there are no new external shocks. the aim of monetary policy, through higher interest rates, is to support disinflationary pressures through downward pressure on demand. so monetary policy has a " more " difficult job than when dealing only with " typical " demand driven inflation. 1 / 2 bis - central bankers'speeches given the above considerations and the current highly uncertain environment, the inherent flexibility of the meeting by meeting approach we decided at the governing council is well suited to calibrating monetary policy, in line with the incoming data and the evolving outlook. thank you. 2 / 2 bis - central bankers'speeches