I will focus on how our work intersects with the groundbreaking work of the accomplished group of researchers assembled here. In the original design of the Federal Reserve, it was recognized that the American economy is not monolithic; that is why the Congress created our system of 12 Federal Reserve Districts.
We are present in communities all across America through our Reserve Banks and Branches and their boards and advisory councils. This local presence, by design, gives us valuable perspectives on how Americans are experiencing the economy in different communities around the country and critical insights about the varied challenges that lie beneath the aggregate numbers.