stability ; ( 4 ) protect consumers ; and ( 5 ) promote a safe, efficient, inclusive, and innovative payment system. 6 the approach articulated in the guidelines is based on a foundation of risk management and mitigation, recognizing that access to fed accounts and services can create significant risks. the systematic evaluation of these different risks is intended to establish a framework ensuring similar treatment for legally eligible institutions with similar risk profiles across the reserve banks. for example, requests for accounts and services from non - federally insured institutions would generally be subject to a higher standard of review. the board expects reserve banks to collaborate on reviews of account and service requests, and conduct ongoing monitoring of approved accountholders, to ensure that the guidelines are implemented in a consistent manner. publishing the guidelines is an important step to providing transparency and consistency across the federal reserve system. however, more work remains to be completed before a process is established to fully implement the guidelines. in the meantime, there is a risk that the guidelines could establish false expectations regarding the timeline for evaluating and acting on these requests. in closing, i'd like to once again thank the venture center for hosting this event and for providing the opportunity to get together to discuss innovation in financial services. it's great to finally be back in little rock and to have the chance to meet so many of you in person after such a long time. commissioner marshall, i look forward to our discussion. 1 these remarks reflect my views and not necessarily those of my colleagues on the board of governors or the federal open market committee. i am grateful for the assistance of federal reserve board staff jeff ernst, kavita jain, molly mahar, jason hinkle, and kirstin wells in preparing these remarks. 2 board of governors of the federal reserve system, federal reserve publishes paper describing landscape of partnerships between community banks and fintech companies, news release, september 9, 2021. 3 board of governors of the federal reserve system, federal reserve board provides additional information for banking organizations engaging or seeking to engage in crypto - asset - related activities, news release, august 16, 2022. 4 86 fed. reg. 16, 837. 5 board of governors of the federal reserve system, money and payments : the u. s. dollar in the age of digital transformation ( pdf ), january 2022. t 6 board of governors of the federal reserve system, federal reserve board announces final guidelines that establish a transparent, risk - based, and consistent set of factors for

the riksbank in its contacts with the general public and make monetary policy more transparent. analysis and debate would be concentrated on factors that monetary policy influences. this, however, presupposes the existence of an underlying yardstick that can take every conceivable transitory effect into account. such measurements are difficult to construct. specifying all the circumstances that have to be considered so as to obtain the best picture of underlying inflation and doing this in advance is not a simple matter. using underlying inflation also has the drawback that essential information about the inflation process may be overlooked. for example, changes in import prices are a part of the domestic inflation process because they affect price setting in trade. in the present state of our art, the drawbacks of changing to a measure of underlying inflation for the riksbank ’ s monetary policy are greater than the advantages. as i have indicated, however, the cpi may be markedly affected by transitory effects. it is therefore important to monitor measurements of underlying inflation that have been stable over time. the path of the underlying inflation process is an important factor in the riksbank ’ s monetary policy decisions. gradual recovery in growth terms, 1996 was weaker than 1994 and 1995. the slowdown mainly came from marked stock reductions and a contraction of public sector operations. but even the growth of final demand in the private sector tended to slacken in 1996. there are now clear signs of an economic recovery ; the volume growth of exports remains high, along with indications that a stronger increase in private consumption is on the way. what, then, will be inflation ’ s path in the years ahead? the riksbank considers that at present the swedish economy has unutilised resources and even if growth does pick up during 1997 and 1998, it is unlikely that these resources will be activated to such an extent that the inflation target is in danger. the scenario in the december inflation report involves a gradual increase in the rate of inflation in the coming years. the main explanation for this upward movement is that the transitory effects - from lower interest rates and a stronger exchange rate - which kept inflation down in 1996 will be fading. the registered rate of cpi inflation is then expected to approach inflation ’ s underlying trend, which in the years ahead is judged to be more or less in line with the inflation target. lower inflation propensity the new price and other economic information in recent months reinforces the impression that price pressure is low. to this extent, the conditions