As monetary policymakers, we are primarily focused on the cyclical mattersmeaning how the pandemic and the measures taken to address it complicated accomplishing our dual-mandate objectives of maximum employment and stable prices. Making the best monetary policy decisions over the business cycle requires distinguishing between temporary effects and lasting, structural changes.
Today's agenda includes the employment recovery following the high unemployment during the spring of 2020 leading to the current tight labor market. Today's labor market strength reflects policy decisions taken in light of the pandemic experience, including the widespread lockdowns, reliance upon remote work, and other factors that may have structurally altered the labor market. I am very much looking forward to the discussion.