To the economy. Today my colleagues on the foc and i kept Interest Rates near zero and maintained her sizable asset purchases. These measures along with our strong guidance on Interest Rates on our Balance Sheet will ensure that Monetary Policy will continue to deliver powerful support to the economy until the recovery is complete. The path of the economy continues to depend sidibe drama course of the virus but a resurgence in recent months and covid19 cases hospitalizations and deaths is causing great hardship for millions of americans and displaying on economic and cavities. Following a short rebound of economic at tivoli last summer at the pace of their coverage is moderated in recent months with the week is concentrated in the sectors of the economy most affected by the resurgence of the virus by greater social distancing. Household spending on Services Remain low especially in sectors that require people to gather closely including travel and hospitality. Household spending on goo
System. I wont say too much but it is one of the hottest topics around and most important topics around. Of course theres china but theres the whole of asia. And i think the Financial System as weve all learned is one of the absolute requirements for growth. Deputy managing director min zhu was previously adviser to the managing director, senior adviser, and he was the Deputy Governor of the bank of china, and before that, chairing a working group on financial issues. So there is few i think in the world, if any, who knows more certainly about the chinese Financial System but now about the whole world Financial System than min zhu, our friend min zhu. And he makes us an honor to come to brookings for this event. So thank you very much. I will cede the floor to him. After his remarks the panel will i will introduce the panel and we will have some further remarks from two colleagues from the fund, from our own eswar prasad. I will then launch a discussion where we will go from a Panel Di
Slowing in the Housing Market might have constrained the rise in household leverage, as mortgage debt growth would have been slower. But the job losses and higher Interest Payments associated with higher Interest Rates would have directly weakened households ability to repay previous debts, suggesting that a sizable tightening may have mitigated vulnerabilities in household Balance Sheets only modestly. Similar mixed results would have been likely with regard to the effects of tighter Monetary Policy on leverage and reliance on shortterm financing within the Financial Sector. In particular, the evidence that low Interest Rates contribute to increased leverage and reliance on shortterm funding points toward some ability of higher Interest Rates to lessen these vulnerabilities, but that evidence is typically consistent with a sizable range of quantitative effects or alternative views regarding the causal channels at work. 4furthermore, vulnerabilities from excessive leverage and reliance
We still have problems like salmonella and botulism well, various Health Problems with these foods just because they arent refrigerated. They are past their shelflife. There are others at other issues besides the thc. So that would be an area, the edibles. Is like i said, this vaping quite a big deal particularly for our young people. It has become very ocular. The very popular. And make concentrates are very potent. Desperately need this Application Program that the governor is working on to rollout. We should get a curriculum in our Public Schools go, to. Schools, too. Well, the Data Collection is extremely important. We really havent been keeping great statistics on marijuana use in terms of people going into the er. They are starting to do it now. But to really create sound Public Policy, we need accurate data. I would argue that is very important Going Forward also. Host gina carbone with smart colorado. There is a website if you want to find out more abo on cspan, a discussion on
Policy play in preserving Financial Stability and how to ake sure that centralbank independence is preserved . Second, with increasingly complex financial interconnections, many small, open, and emergingmarket economies have found a challenging to deal with large changes in exchange rates. How can these economies retain Monetary Policy independence in uch a policysetting, and what tools should they use . Finally, the crisis has galvanized a broad effort to reform the global regulatory framework. There has been progress on various aspects, but much still remains to be done. How will financial regulations and the new structures of the Financial System affect the functioning of Monetary Policy domestically and abroad . To all of these questions, im sure some of you have the beginning of the answers. I know that our speakers will offer their proposals, but i hope that it begins here. Before i give the floor to chair yellen, it is my real pleasure to introduce the person to whom this lectur