share the stage with you. Um, it's great to be back here in the
valley again. See so many familiar faces from academia, my last
tour of service and from my first 100 days, which uh is just this
weekend. I've been looking forward to this weekend. And before I
go further, I want to thank Jeff Schmidt and his team for the
incredible hospitality. Everybody here is in debt to you and to
your colleagues here at the Federal Reserve Bank of Kansas City.
Uh our Jeff Jeff, our thanks uh to you and your team.

Now, he and the other planners here have some recreation options
lined up for later today. I'd advise you to be very careful with
your choices.

As I learned years ago, you can take two different kinds of hikes
on the trails around Jackson. I can sum up my hikes with former
vice chairman Don Kohn with two words. I survived.

These steely marathon death marches revealed the sign of Don that
that I was not ready for.

But there's another kind of hike.

This one was with former chairman Ben Bernanke, another dear old
colleague.

With Ben, it was a much more leisurely pace, an easy stroll along
the wandering trails of the Rockefeller Preserve.

So before setting out today, my recommendation is do a wellness
check.

Ask yourself, is this a Kohn day or a Bernanke day? The best
thing about this gathering is that it helps us all get out here
to the mountains and clear our minds and think straight about our
world and our time.

For me, it feels like the right place and the right audience for
a real engagement with the ideas that matter most.

Innovation, as Kristen mentioned, is the conference theme.

And I believe the public and the markets understand that
innovations and the conduct of Fed policy will help deliver price
stability alongside full employment.

So here's a quick overview of what I'll cover in my remarks this
morning. You can call it an outline. You can call it a trail map.
But please just don't call it forward guidance.

First, I'll touch on on a few of the longer-term questions we're
asking at the Fed about the latest general purpose technology AI
and where it might take the economy.

Then I'll reflect a bit on the practice of forward guidance and
the interaction between the central bank and financial markets.

Next, I'll present some of the key principles that I believe
should guide the conduct of monetary policy. And finally, I'll
give you my assessment of what's happening in the economy.

So first, I think we should try to prepare a bit for future
policy conjunctures.

With the unchanging picture of the Tetons as our backdrop, we are
here
