Maintaining our sizable holdings of longer-term securities should help maintain accommodative financial conditions and should reduce the risk that we might have to lower the federal funds rate to the effective lower bound in the event of a future large adverse shock. Thank you. I would be pleased to take your questions. BIS central bankers’ speeches  3
Our economy will need time to recover. 3 Minimising the impairment of the economy by the pandemic will be key to this recovery. However, this outcome is far from inevitable, as the number of _____________  2 Deutsche Bundesbank, The German economy, Monthly Report, August 2020, pp. 61-76.