Fed's Hammack: Inflation is too high and the trend is in the wrong direction

Thank you for inviting me to speak here today.1 The theme for Sibos this year, "the next frontiers of global finance" is a fitting one. We are indeed witnessing a new frontier of innovation in payments and the broader financial system. New technologies like distributed ledgers, tokenized assets, smart contracts, and artificial intelligence (AI) have the potential to make payments smarter, faster, and more efficient. I know many of you in the audience today represent firms that are using the latest cutting-edge advances to bring new global solutions to the market. The conference theme also accurately captures that we are at the next frontier. I often note that the modern history of payments is a story of technological innovation.2 The history spans from the last century, when payments and securities transfers were converted from paper to electronic solutions, to the present day when we increasingly have payment systems that process transactions in real time, 24/7. Fed's Waller does not comment on economic outlook and monetary policy in prepared remarks. FED’S WALLER SAYS NEW TECHNOLOGY SHOULD BE WELCOMED IN PAYMENTS WALLER: INNOVATION MUST INCLUDE CONSUMER-SAFETY GUARDRAILS