tweet at 10:41am: ECB'S DE COS: SPANISH INFLATION WILL REMAIN HIGH IN THE SHORT TERM. tweet at 10:42am: ECB'S DE COS: SPANISH INFLATION WILL PROGRESSIVELY MODERATE IN THE MEDIUM TERM. tweet at 10:43am: ECB'S DE COS: GRADUAL WITHDRAWAL OF ECB MONETARY STIMULUS IS APPROPRIATE. tweet at 10:44am: ECB'S DE COS: I EXPECT NEGATIVE INTEREST RATES TO END IN THE THIRD QUARTER.

Good morning, everyone. I'd like to give my thanks to Columbia University's School of International and Public Affairs for partnering with the New York Fed once again and for hosting us today. It's wonderful to be here and to see so many colleagues who have traveled from near and far to attend this workshop. We'll have many important conversations over the next two days. To kick us off, I'm going to share some observations on the digital transformation of money and payments. I'll also discuss the potential implications for monetary policy implementation and for central banks more broadly. Before I begin, I must give the standard Fed disclaimer that the views I express here are my own and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or anyone else in the Federal Reserve System. I will get to payments technology in a minute. But first allow me to take you back to the year 1877. You're amazed at the sound of music coming out of a new invention—the phonograph. Fast-forward a century, and you're listening to your favorite band on a cassette tape. In the 1980s, it's a CD. In the 2000s, you're scrolling through the greatest hits on your iPod. And today, perhaps even on your way here, you listened to a streaming service on your p tweet at 11:31am: FED'S WILLIAMS: THE ROLE OF CENTRAL BANKS WILL REMAIN TO SUPPLY LIQUIDITY AND STABILITY, BUT DIGITAL CURRENCIES COULD CHANGE IMPLEMENTATION. tweet at 11:31am: FED'S WILLIAMS: STABLECOINS AND CBDC CARRY RISKS AS WELL AS OPPORTUNITY.