I would also like to thank my colleagues throughout the Federal Reserve System for their dedication, perseverance, and tireless work on behalf of the American people. Their commitment and expertise were essential to the Fed’s response to the COVID-19 crisis and remain vital to the implementation of monetary policy as our economy continues to progress.
Indeed, these issues are deeply related to the fundamental nature of financial services, including all financial sectors such as banking, securities and insurance. In fact, I have warned of the unpleasant and in some cases grave consequences of ignoring demographic factors in our economic thinking in a series of recent speeches and papers, especially with respect to asset price bubbles, money demand and inflation.