Because of this possibility, and because transparency enhances the effectiveness of monetary policy, it is crucial that policymakers communicate their views clearly on the risks to financial stability and how such risks influence the appropriate monetary policy stance. I will conclude by briefly laying out how financial stability concerns affect my current assessment of the appropriate stance of monetary policy.
According to forthcoming findings from the latest SCF and as shown in figure 3, the average income for white families in 2015 was about $ per year, compared with $ for black families and $ for Hispanic families.