Good morning. Thank you all for joining us again today. Yesterday’s discussions were so enriching, and I’m excited to build on them this morning. As you know, the Federal Open Market Committee (FOMC) reduced interest rates earlier this week and announced it would end the runoff of the Fed’s asset holdings as of Dec. 1. In my remarks this morning, I’ll discuss the stance of monetary policy. I’ll then turn to the topic of this conference and describe how the Fed’s balance sheet fosters a safe and efficient liquidity environment for the U.S. banking system. These are my views and not necessarily those of my FOMC ... (full story)