<p><span>I would like to thank the Bank of Japan and Governor Ueda for organizing this year s conference and for the invitation to participate in this afternoon s panel.</span><a href="https://www.federalreserve.gov/newsevents/speech/bowman20240528a.htm#fn1" title="footnote 1"><span>1</span></a><a name="f1"></a><span> The topic of "the effects of conventional and unconventional policy instruments" is an important one given central banks expanded use of unconventional monetary policy tools to pursue their mandates over the past decade and a half.</span></p>
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<p><span>Thank you, Mike, for the introduction. It is a privilege for me to address fellow macroeconomic forecasters, and I thought an appropriate subject would be the challenge of forecasting during the pandemic. </span><span>First, a few remarks about my outlook. Then I will discuss some lessons learned from the pandemic—lessons about the economy s response to this unprecedented event relative to what forecasters, including myself, first thought.</span></p>