For example, we have witnessed how the interconnections between internal and external markets have been changing the way in which different factors affect inflation and how communication has become increasingly important for policy effectiveness. All this in an environment where we have been able to access and process massive amounts of data and a wealth of information. In the next few days, the CBC will publish a new supplement that brings together research on these topics and highlights their relevance to our work. This publication complements those we have already released in previous years on trend growth and the labor market and is part of the Bank’s ongoing research agenda. Back to our central projection scenario: it assumes that, going forward, consumption will continue to be driven by the withdrawal of pension savings, although the second withdrawal is estimated to have a weaker impact than the first, partly because the drop in income caused by the pandemic has already been more than offset by the measures adopted, and the resources that could be withdrawn are concentrated in the higher income quintiles—which are less motivated to use them in consumption (Figure 8). Combining the effects of the recovery in labor income, government transfers and the withdrawal of pension savings, private consumption es forecast to increase by about 11% in 2021, after receding some 7% this year. The increased mobility and sectoral disparity of the economic recovery has also been reflected in the labor market.
Both the incidence of student loans and average loan size are by far greater in for-profit institutions than in comparable public colleges. Given the importance of post-secondary education in our nation’s future, and the key role that human capital plays in our nation’s growth, we at the  BIS central bankers’ speeches  3  New York Fed will continue to analyze the growth of the private for-profits in particular, and post-secondary institutions in general, in our region and the nation. I will now ask Jaison Abel to discuss economic conditions in our region. 4  BIS central bankers’ speeches