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Welcome to the Denver Branch of the Kansas City Fed, and thanks to Nick Sly, our Denver Branch executive, for hosting us. Whether you are here in the room or joining us online, thank you for participating in this year’s energy conference jointly organized by the Kansas City and Dallas Federal Reserve Banks. This year marks the 10th annual iteration of the conference, and the staff—both in Kansas City and Dallas—have once again pulled together a collection of the most influential and impactful voices in the energy industry. In today’s discussions around the energy economy, I will largely be a consumer. I look forward to learning and benefiting from the collective expertise gathered in this room. I will use my time with you to discuss the current balance between inflation and employment in the economy and how that balance shapes my view on the appropriate path of monetary policy. Two weeks ago, the Federal Open Market Committee voted to lower the policy rate by 25 basis points. I dissented on this decision. My preference, based on my assessment of the balance of risks, was to keep the interest rate unchanged. By my view inflation remains too high, the economy shows continued momentum, and the labor market—though cooling—remains largely in balance. Also, I view the current stance of monetary policy as being only modestly restrictive, which is about where I think it should be. FED'S SCHMID: FURTHER RATE CUTS WON'T PATCH JOB MARKET CRACKS, COULD DO DAMAGE TO INFLATION SCHMID: INFLATION IS TOO HOT, LABOR MARKET IS COOLING BUT LARGELY IN BALANCE Fed's Schmid: Fed policy is modestly restrictive, which is where it should be. Fed's Schmid: My concerns on inflation is much broader than tariffs alone. *SCHMID: FURTHER CUTS COULD HAVE LASTING EFFECTS ON INFLATION true

Swiss Economy Minister: Now it is clear, Switzerland has achieved a tariff agreement at 15% all in. SWISS ECONOMY MINISTER SAYS SWITZERLAND HAS AGREED TO INVEST $200 BILLION IN THE UNITED STATES Swiss Government Document: Under the declaration of intent, at the same time as the reduction in US tariffs, Switzerland will reduce import duties on a range of US products. Swiss Economy Minister: Tariffs affected around 40% of our exports.