A number of other factors also favour a decline in inflation, such as no signs of excess demand in the domestic economy, excess production capacity, an undervalued exchange rate of the rand and the fact that international inflation pressures have become even more subdued.
As representatives of Native communities, you know all too well the challenges faced by Native communities in getting access to financial services—challenges that were made worse by the pandemic. I have visited with Native communities in South Dakota and Oklahoma and seen firsthand the resiliency and innovation of these communities in the face of numerous challenges.