Thank you for having me today. I appreciate the opportunity to talk with you, and I look forward to our discussion. I will start with a few words about the Federal Reserve and what we do before turning to the outlook for the economy and monetary policy. The Federal Reserve System The Federal Reserve is America’s central bank. It was established by an act of Congress in 1913. The structure of the system, with a seven-member Board of Governors in Washington, D.C., and 12 independent and geographically defined district banks across the country, owes much to the state of Oklahoma. Sen. Robert L. Owen, one of Oklahoma’s first senators, sponsored the Federal Reserve Act. Sen. Owen believed that the United States would be best served by a central bank directly engaged with communities across the United States. As such, the Act established a regional structure for the Federal Reserve, with each district bank serving its region and representing its geography in the national discussion of monetary policy. That is what we do at the Kansas City Fed. It is what we do from our office here in Oklahoma City, and what we do across our district’s seven-state region of western Missouri, Kansas, Oklahoma, Nebraska, Colorado, Wyoming, and northern New Mexico. The regional structure of the Fed allows for voices across the nation to inform the setting of policy, and staff from our bank, including Oklahoma City Branch Executive Cortney Cowley, are in regular contact with business and community leaders throughout the district, collecting information and views that can be brought to the national conversation. For me, meetings such as this one are an opportunity to collect insights that I can bring to Washington, a KC FED'S SCHMID/OKLAHOMA CITY: TARIFFS SO FAR 'SEEM TO HAVE LIMITED EFFECT ON INFLATION;' MAY NEVER HAVE TOTAL CLARITY ON TARIFFS EFFECT #Schmid #FederalReserve #economy Fed's Schmid Says Keeping Slightly Restrictive Policy Is Currently Suitable and Supports a Patient Approach to Changing Interest Rates Fed's Schmid: The tariffs' limited effect on inflation is a reason to keep policy on hold, not an opportunity to cut rates. Fed's Schmid: I will modify my views if I see demand diminishing.

SEC'S PEIRCE: WE'RE NOT WAITING FOR LEGISLATION TO WORK ON CRYPTO