Another aspect of governance involves the better representation of women and minorities in the Federal Reserve System. Indeed, while I have focused my remarks on the history of geographical diversity in the Federal Reserve System, we also strive to have diversity in gender and race both at the Board and at the Reserve Banks.
If as a nation we become less enthusiastic about borrowing or more enthusiastic about saving, we can expect interest rates to decline to the levels which would seem to be justified by our low inflation. In conclusion, I think it is important that we all look at recent events objectively.