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UK FINANCE MINISTER REEVES: OBR EXPECT INFLATION TO FALL FASTER THAN IT DID IN AUTUMN UK'S REEVES: OBR FORECASTS SHOW 2026 GDP GROWTH OF 1.1% (NOV FORECAST 1.4%) - OBR FORECASTS SHOW 2027 GDP GROWTH OF 1.6% (NOV FORECAST 1.5%) - OBR FORECASTS SHOW 2028 GDP GROWTH OF 1.6% (NOV FORECAST 1.5%) UK Chancellor Reeves: OBR Expects Unemployment To Peak Later This Year Then Fall UK Chancellor Reeves: We Expect GDP Per Capita To Grow By 5.6% Over Course Of Parliament UK'S REEVES: OBR FORECASTS SHOW 23.6 BLN STG OF HEADROOM VS CURRENT BUDGET FISCAL RULE (NOV FORECAST: 21.7 BLN STG, REUTERS POLL 24 BLN STG)

I’m so pleased to be with you today. My parents were California state employees and lifelong credit union members. They taught me the value of saving at an early age, and I too am proud to be a lifetime credit union member. In fact, my first car loan was from a credit union. At the time, my mother admonished me that the point was to save for the future, not to borrow to buy a sports car. Alas, I was in my early 20s and had my own priorities. Now, as president of the New York Fed, I oversee an organization that has several important responsibilities—including implementing monetary policy. Today, I’m going to talk about the U.S. economy and how the Federal Reserve is working to achieve its dual mandate goals of maximum employment and price stability—which, for us, are two sides of the same coin. Like most coins, this one can be broken down into smaller denominations, and I’ll discuss some of those, too. Before I go further, I must give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. Importance of Credit Unions Federal Reserve's Williams: Eventual rate cuts intended to keep policy from becoming too restrictive. NYFED'S WILLIAMS/CU CONF: EXPECT INFLATION TO COME DOWN TO AROUND 2.5% THIS YEAR, HITTING 2% TARGET NEXT YR #Williams #FederalReserve #economy Fed's Williams expects the unemployment rate to decline this year and next. Fed's Williams: Central bank rate policy stance currently well positioned.