In terms of the medians of the Policy Board members' forecasts in the July 2021 Outlook Report, the year-on-year rate of change in the CPI is projected to be 0.6 percent for fiscal 2021, 0.9 percent for fiscal 2022, and 1.0 percent for fiscal 2023.
This working group will follow those same principles. We are looking for ways to optimize our supervision and regulation to ensure it adapts to the on-the-ground realities of an evolving industry and changing consumer expectations while maintaining the safety and soundness of our banking system. Let me close by saying a few words about monetary policy and the Federal Reserve’s dual mandate.