Gold rally fuels Botswana exploration push at PDAC

Good morning. It's a pleasure to be with you this morning to open our discussion on the bank liquidity framework. Hal and his team have assembled a series of excellent panels that will further inform our approach as we consider adjusting this framework. The panelists' perspectives—including academics, market participants, and fellow policymakers—will enrich our understanding of these complex issues and, importantly, challenge us to think critically about whether the framework we have in place works as intended. Bank liquidity ensures that the banking system remains resilient.1 Regulatory requirements including the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) were designed to ensure that potential cash withdrawal and repayment obligations could be met with on balance sheet holdings. Internal liquidity stress testing and resolution planning were also designed to require banks to assess liquidity positions, in preparation for monetizing assets under stressed conditions. In theory, these requirements should work together to mitigate the risk of a bank failure resulting from a lack of liquidity to meet its ongoing payment obligations and foreseeable cash outflows. Just in | Fed's Bowman refrains from discussing monetary policy or economic outlook in prepared remarks on bank liquidity regulations. FED'S BOWMAN: LIQUIDITY FRAMEWORK DOESN'T LOOK ENOUGH AT BANK STRESS ...

UK FINANCE MINISTER REEVES: OBR EXPECT INFLATION TO FALL FASTER THAN IT DID IN AUTUMN UK'S REEVES: OBR FORECASTS SHOW 2026 GDP GROWTH OF 1.1% (NOV FORECAST 1.4%) - OBR FORECASTS SHOW 2027 GDP GROWTH OF 1.6% (NOV FORECAST 1.5%) - OBR FORECASTS SHOW 2028 GDP GROWTH OF 1.6% (NOV FORECAST 1.5%) UK Chancellor Reeves: OBR Expects Unemployment To Peak Later This Year Then Fall UK Chancellor Reeves: We Expect GDP Per Capita To Grow By 5.6% Over Course Of Parliament UK'S REEVES: OBR FORECASTS SHOW 23.6 BLN STG OF HEADROOM VS CURRENT BUDGET FISCAL RULE (NOV FORECAST: 21.7 BLN STG, REUTERS POLL 24 BLN STG)

I’m so pleased to be with you today. My parents were California state employees and lifelong credit union members. They taught me the value of saving at an early age, and I too am proud to be a lifetime credit union member. In fact, my first car loan was from a credit union. At the time, my mother admonished me that the point was to save for the future, not to borrow to buy a sports car. Alas, I was in my early 20s and had my own priorities. Now, as president of the New York Fed, I oversee an organization that has several important responsibilities—including implementing monetary policy. Today, I’m going to talk about the U.S. economy and how the Federal Reserve is working to achieve its dual mandate goals of maximum employment and price stability—which, for us, are two sides of the same coin. Like most coins, this one can be broken down into smaller denominations, and I’ll discuss some of those, too. Before I go further, I must give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. Importance of Credit Unions Federal Reserve's Williams: Eventual rate cuts intended to keep policy from becoming too restrictive. NYFED'S WILLIAMS/CU CONF: EXPECT INFLATION TO COME DOWN TO AROUND 2.5% THIS YEAR, HITTING 2% TARGET NEXT YR #Williams #FederalReserve #economy Fed's Williams expects the unemployment rate to decline this year and next. Fed's Williams: Central bank rate policy stance currently well positioned.

Thank you for the invitation to speak today. I look forward to our discussion. Events like this are essential to how the Fed operates and reflect the importance of the Fed’s regional structure. The district I represent at the Federal Open Market Committee (FOMC) covers a seven-state region, and discussions with local businesses and communities underpin my participation in the Committee. An important part of my job is to give voice to the concerns and insights of individuals in the 10th District when it comes to the economy and monetary policy. One of the benefits of the Fed’s structure, with 12 independent regional banks spread across the country, is that it allows a level of interaction and participation that would not be possible if operations were centralized in Washington. We are your Fed. You should feel a connection with this institution, and I hope our discussion today will make that connection more immediate and real. Before turning to the outlook for the economy and policy, let’s take a minute to look back. Way back. This year marks America’s 250th birthday. Though that might seem like some time ago, it is important to remember how new and revolutionary the United States was (and still is) as a system of governance and political organization. This is an experiment that has evolved and continues to evolve. But one outcome of that expe FED'S SCHMID SAYS NO ROOM TO BE COMPLACENT ON INFLATION SCHMID SAYS INFLATION IS HOT, DEMAND IS OUTPACING SUPPLY SCHMID SAYS DOES NOT MENTION IRAN CONFLICT IN PREPARED REMARKS SCHMID SAYS LABOR MARKET IS IN BALANCE