Welcoming Remarks
At the 2025 National College Fed Challenge Finals, Federal Reserve Board, Washington, D.C.
2025 年全国大学联储挑战赛决赛，美联储委员会，华盛顿特区
Thank you, Robin, and to the students, advisers, and others who are our guests today, welcome to the Federal Reserve.
谢谢你，罗宾，还有今天的学生、顾问和其他嘉宾，欢迎来到美联储。
I'm glad I could be here this morning for these finals of the College Fed Challenge, which the Federal Reserve Board is hosting for the 22nd year.
我很高兴今天早上能够参加大学联储挑战赛的决赛，这是美联储第 22 年主办该挑战赛。
The challenge for students on the six teams competing today is to prepare and present a monetary policy recommendation that will best promote the Federal Reserve's dual mandate of stable prices and maximum employment.
今天参加比赛的六支队伍的学生面临的挑战是准备并提出货币政策建议，以最好地促进美联储稳定物价和充分就业的双重使命。
Let me begin by congratulating the students and advisers of the teams who will face each other today, representing the University of Chicago, Davidson College, Harvard University, the University of Pennsylvania, Pace University, and the University of California at Los Angeles.
首先，我要向今天对阵的各队的学生和顾问表示祝贺，他们分别代表芝加哥大学、戴维森学院、哈佛大学、宾夕法尼亚大学、佩斯大学和加州大学洛杉矶分校。
They advanced to the finals by winning preliminary rounds of the competition earlier this year.
他们在今年早些时候的预赛中获胜，晋级决赛。
A record 139 schools competed in 2025, from 36 states, a geographical reach that I am pleased to say has steadily grown in recent years.
2025 年，来自 36 个州的 139 所学校参加了创纪录的比赛，我很高兴地说，近年来，地理覆盖范围正在稳步扩大。
I am also happy that, for the first time since the pandemic moved this competition online, these finals are back to being held in person, in the very room where the Federal Open Market Committee (FOMC) meets.
我还很高兴的是，自从大流行将比赛转移到网上以来，这些决赛第一次回到了在联邦公开市场委员会 (FOMC) 开会的房间里亲自举行。
As a former university leader and a citizen who thinks about the future of our country, I think it is wonderful to see this Board room filled with bright young minds motivated to learn about how a vital function of the Federal Reserve promotes a healthy economy that works for everyone.
作为一名前大学领导和一名思考我们国家未来的公民，我认为很高兴看到这个董事会会议室充满了聪明的年轻人，他们积极主动地了解美联储的重要职能如何促进造福所有人的健康经济。
Only one team will be judged the winner of today's competition, but you are all to be commended for the hard work and skill that brought you here.
只有一支队伍将被评为今天比赛的获胜者，但你们所有人的辛勤工作和技巧都值得赞扬，让你们来到了这里。
I feel honored to share this moment with you and to think about what each of you will do over the course of your lives to advance the public interest.
我很荣幸与你们分享这一时刻，并思考你们每个人在一生中将做些什么来促进公共利益。
In just a couple of weeks, my colleagues on the FOMC and I will meet in this room and sit around this table.
几周后，我和我在联邦公开市场委员会 (FOMC) 的同事们将在这个房间里会面，围坐在这张桌子旁。
The FOMC will be facing very much the same questions you take up today.
联邦公开市场委员会将面临与您今天提出的问题几乎相同的问题。
Like you, we will be carefully examining the latest available data on economic and financial conditions, a task made more challenging by data delays caused by the government shutdown.
和您一样，我们将仔细检查有关经济和金融状况的最新可用数据，由于政府关闭导致数据延迟，这项任务变得更具挑战性。
We will apply our understanding of how monetary policy influences the economy to render our best judgment of the policy stance that will most effectively further the Federal Reserve's dual mandate, as set out by Congress, to promote maximum employment and stable prices.
我们将运用对货币政策如何影响经济的理解，对政策立场做出最佳判断，从而最有效地推进美联储的双重使命，正如国会所规定的，促进就业最大化和物价稳定。
Often the answer to the policy questions in front of us at this table is not clear.
通常，摆在我们面前的政策问题的答案并不明确。
We listen to each other's views as each of us does our best to assess appropriate policy and weigh the risks that economic and financial conditions may evolve in unexpected ways.
我们倾听彼此的观点，同时尽力评估适当的政策并权衡经济和金融状况可能以意想不到的方式演变的风险。
Arriving at the best decision requires that monetary policy can be conducted independently of short-term political pressures.
做出最佳决策需要货币政策能够独立于短期政治压力而实施。
Crucial to the success of monetary policymaking is clearly explaining the Committee's actions and intentions to the public, similar to the task that you will face later today when you present your recommendations to our judges.
货币政策制定成功的关键是向公众清楚地解释委员会的行动和意图，类似于您今天晚些时候向我们的法官提出建议时将面临的任务。
As I expect you have learned in preparing for this contest, clear communication is essential because monetary policy works to a considerable extent by helping to inform the public's view of future economic and financial conditions.
正如我期望你们在准备这场比赛时了解到的那样，清晰的沟通至关重要，因为货币政策在很大程度上是通过帮助公众了解未来经济和金融状况来发挥作用的。
I hope your preparations for this event have added to your understanding of the economy and the Federal Reserve's role and perhaps will even spur some of you to pursue further study of economics and finance.
我希望你们对这次活动的准备能够增加你们对经济和美联储作用的理解，甚至可能会激励你们中的一些人进一步学习经济和金融。
Among the talented individuals who are participating in today's challenge, I hope there are some who may one day contribute to our understanding of the economy and to the work of the Fed.
在参与今天挑战的人才中，我希望有人有一天能够为我们对经济的理解和美联储的工作做出贡献。
Perhaps some of you may even choose to spend at least some of your careers in public service, one of the most satisfying parts of my life's work and a profession that needs talented and conscientious people.
也许你们中的一些人甚至可能选择至少将部分职业生涯花在公共服务上，这是我一生工作中最令人满意的部分之一，也是一个需要有才华和尽职尽责的人的职业。
I hope that all of you have benefitted from this experience, by adding to your knowledge and by developing research, analytical, and communication skills that will help you in whatever careers you choose.
我希望你们所有人都能从这次经历中受益，通过增加您的知识并发展研究、分析和沟通技能，这将对您选择的任何职业有所帮助。
I'd like to thank the judges who have given their time and brought their expertise and experience to the evaluation of each team's work.
我要感谢评委们，他们投入了时间，并用他们的专业知识和经验来评估每个团队的工作。
They are among the talented and valued professionals on the staff of the Federal Reserve System who are so important to the work we do.
他们是美联储系统工作人员中才华横溢、受人尊敬的专业人士，他们对我们所做的工作非常重要。
Karen Pence is deputy associate director in the Division of Research and Statistics here at the Federal Reserve Board, Francisco Vazquez-Grande is a senior adviser in the Division of Monetary Affairs, and Matthew Lueke is deputy secretary of the FOMC.
凯伦·彭斯 (Karen Pence) 是美联储研究与统计部副主任，弗朗西斯科·巴斯克斯-格兰德 (Francisco Vazquez-Grande) 是货币事务部高级顾问，马修·卢克 (Matthew Lueke) 是联邦公开市场委员会 (FOMC) 副秘书。
Thomas Lubik is a senior adviser in the research department at the Federal Reserve Bank of Richmond, one of a number of Reserve Bank staff who have generously given their time to serve as judges this year.
托马斯·卢比克（Thomas Lubik）是里士满联邦储备银行研究部的高级顾问，他是今年慷慨地投入时间担任法官的众多储备银行工作人员之一。
Also, let me thank the faculty advisers of each of the six teams for helping guide, motivate, and prepare today's finalists.
另外，我还要感谢六个团队各自的指导老师，感谢他们帮助指导、激励和准备今天的决赛入围者。
And thanks also to the Federal Reserve staff who have organized the competition this year.
还要感谢今年组织这次比赛的美联储工作人员。
Thanks to them and all of you, the Fed Challenge is helping to inform the public about our work and investing in your future, for the betterment of all.
感谢他们和你们所有人，美联储挑战赛正在帮助公众了解我们的工作并投资于你们的未来，以造福所有人。
In closing, I wish you all the best of luck in what I expect will be a spirited competition.
最后，我祝愿你们在这场激烈的比赛中一切顺利。