ZEN/CHF

Thank you, President Gayle, and thank you for the invitation to visit today. I am fortunate to have been accompanied from Washington by a very distinguished graduate of Spelman College, Class of 1986 and member of Delta Sigma Theta, my Federal Reserve colleague Governor Lisa Cook. There is no greater testament to Spelman's historic legacy than the achievements of outstanding women like Governor Cook. One part of that legacy is Spelman's tradition of promoting education in STEM (science, technology, engineering, and mathematics). Governor Cook's research highlights the key role of such education in preparing individuals to be inventors and innovators who can generate ideas that will add to our body of knowledge, increase productivity, and generate higher living standards.1 Her work is just one example of how Spelman women continue to make historic contributions in science, the arts, technology, medicine, and other fields. I look forward to our conversation, and I thought I might frame it by talking about the Federal Reserve's actions to promote a healthy economy, and how those actions relate to questions students in this audience may be asking about the future. For example, I am sure that students are wondering what kind of a job market and economy you will be entering when you complete your education. Congress assigned the Fed the dual mandate goals of maximum employment and price stability. Both goals are essential aspects of a healthy economy. Congress also gave the Fed a precious grant of independence from direct political control to allow us to pursue those goals without consideration of political matters. Other major central banks in democratic societies have similar grants of independence, and this institutional arrangement has a strong track record of producing better policy outcomes for the benefit of the public. tweet: *FED'S POWELL: PREMATURE TO SPECULATE ON WHEN POLICY MAY EASE *POWELL: FED PREPARED TO TIGHTEN MORE IF IT BECOMES APPROPRIATE tweet: FED’S POWELL: UNEMPLOYMENT UP BUT STILL HISTORICALLY LOW #News #Markets #POWELL #live tweet: FED’S POWELL: FED HAS MADE CONSIDERABLE PROGRESS LOWERING INFLATION #News #Markets #FED #POWELL #INFLATION #live tweet: Fed's Powell Signals Officials Are Likely Done Raising Rates Powell: Recent Inflation Declines Are Welcome but Must Continue Powell: Risks of Increasing Too Much or Too Little Are 'Becoming More Balanced'