Ms Schnabel noted that since the Governing Council’s previous monetary policy meeting on 17-18 July 2024 there had been repeated periods of elevated market volatility, as growth concerns had become the dominant market theme. The volatility in risk asset markets had left a more persistent imprint on broader financial markets associated with shifting expectations for the policy path of the Federal Reserve System. The reappraisal of expectations for US monetary policy had spilled over into euro area rate expectations, supported by somewhat weaker economic data and a notable decline in headline inflation in the euro area. Overnight index swap (OIS) markets were currently pricing in a steeper and more frontloaded rate-cutting cycle than had been anticipated at the time of the Governing Council’s previous monetary policy meeting. At the same time, survey expectations had hardly changed relative to July. post: ECB ACCOUNTS: INFLATION WAS EXPECTED TO RISE AGAIN IN THE LATTER PART OF THIS YEAR || IT WAS THEN EXPECTED TO DECLINE TOWARDS THE TARGET OVER THE SECOND HALF OF NEXT YEAR ECB ACCOUNTS: RECENT NEGATIVE SURPRISES IN PMI MANUFACTURING OUTPUT INDICATED POTENTIAL HEADWINDS TO THE… post: ECB ACCOUNTS: THE RISK OF DELAYS IN REACHING THE ECB’S TARGET WAS SEEN TO WARRANT SOME CAUTION TO AVOID DIALLING BACK POLICY RESTRICTION PREMATURELY ECB ACCOUNTS: FOREIGN DEMAND WAS SHOWING SIGNS OF WEAKNESS, WITH FALLING EXPORT ORDERS AND PMIS ECB ACCOUNTS: CORE INFLATION AND…

Thank you for the kind introduction, Jennet. Let me start by saying my thoughts are with all the people in Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia who have felt the force of Helene's and Milton's impact. I am saddened by the tragic loss of life and widespread disruption in this region. The Federal Reserve Board and other federal and state financial regulatory agencies are working with banks and credit unions in the affected area. As we normally do in these unfortunate situations, we are encouraging institutions operating in the affected areas to meet the needs of their communities. It is an honor to stand before you and speak to this group of audacious, innovative women. I am also very happy to be back in Charleston. I grew up in Milledgeville, Georgia, just about 250 miles down the road. Some of my fondest childhood memories of traveling in the South, especially as a Girl Scout, include South Carolina. post: FED'S COOK DOES NOT COMMENT ON ECONOMIC OR MONETARY POLICY OUTLOOK IN PREPARED REMARKS AT EVENT IN SOUTH CAROLINA.