De-dollarisation: More BRICS in the wall

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Thank you for that kind introduction. I want to spend my time talking about a critical workforce partner: community colleges. Before I jump in, I should caution these are my thoughts alone and not necessarily those of anyone else on the Federal Open Market Committee or in the Federal Reserve System. The Federal Reserve has a dual mandate: stable prices and maximum employment. In the interest of both sides of our mandate, we care deeply about labor market balance. What jobs and workers are available in the economy, and how aligned are the two? An Imbalance in the Skilled Trades The segment in which we hear the most imbalance, where available jobs outnumber available qualified workers, is the skilled trades. By skilled trades, I mean jobs in sectors like manufacturing and construction, but also in child care, or even parts of health care — such as nursing. You can also think of veterinary assistants or truck drivers. These positions do not necessarily require a bachelor’s degree, but they do require some education or training beyond a high school diploma. Oftentimes, the requirement is not a preference set by an employer, but a credential or licensing requirement set by regulation. The pandemic recovery exacerbated a preexisting imbalance. Labor demand increased thanks to historic federal investment in infrastructure and manufacturing, the rise of artificial intelligence and private investment in data centers, the growing demand for health care from our aging population, and a collective decision to adopt more pets. At the same time, on the supply side, employers reported a wave of retirements and increased competition from sectors that managed to improve their relative pay, such as leisure and hospitality and warehousing. Even as overall labor market conditions have loosened over the past year, employers in the skilled trades continue to post: FED'S BARKIN DOES NOT COMMENT ON ECONOMY, MONETARY POLICY IN PREPARED REMARKS ON COMMUNITY COLLEGES