Thank you, and welcome to the first day of sessions for the Federal Reserve Bank of Kansas City Jackson Hole Economic Symposium.

謝謝大家，歡迎參加堪薩斯城聯邦儲備銀行傑克遜霍爾經濟研討會第一天的會議。

My name is Karen Dinan, and I'm going to be your moderator for today's sessions.

我叫凱倫-迪南，是今天會議的主持人。

As you heard last night from Jeff, the topic for the symposium is reassessing the effectiveness and transmission of monetary policy.

正如你們昨晚從傑夫那裡聽到的，本次研討會的主題是重新評估貨幣政策的有效性和傳導性。

So it's a super important topic, particularly right now.

是以，這是一個超級重要的話題，尤其是現在。

And we've got some great papers lined up for this morning.

今天上午，我們還準備了一些精彩的論文。

We've got two papers, and we also have a panel lined up for that.

我們有兩篇論文，還為此安排了一個小組討論。

But before we get to any of that, I am delighted to say that we have Federal Reserve Chair Jay Powell here to deliver opening remarks.

不過，在談這些之前，我很高興地宣佈，美聯儲主席傑伊-鮑威爾將在這裡致開幕詞。

So with that, let me welcome Jay Powell to the podium.

是以，請允許我歡迎傑伊-鮑威爾上臺發言。

Thank you, Karen, and thanks to our hosts from the Kansas City Fed.

謝謝你，凱倫，感謝堪薩斯城聯儲的主持人。

It's great to be back here today.

很高興今天能回到這裡。

Four and a half years after COVID-19's arrival, the worst of the pandemic-related economic distortions are fading.

在 COVID-19 出現四年半之後，與大流行病相關的最嚴重的經濟扭曲正在消退。

Inflation has declined significantly.

通貨膨脹大幅下降。

The labor market is no longer overheated, and conditions are now less tight than those that prevailed before the pandemic.

勞動力市場不再過熱，現在的條件也沒有大流行病之前那麼緊張。

Supply constraints have normalized, and the balance of risks to our two mandates has changed.

供應限制已經正常化，我們兩項任務的風險平衡也發生了變化。

Our objective has been to restore price stability while maintaining a strong labor market, avoiding the sharp increases in unemployment that characterized earlier disinflationary episodes when inflation expectations were less well-anchored.

我們的目標是在恢復物價穩定的同時，保持強勁的勞動力市場，避免出現失業率急劇上升的情況，而失業率上升正是早先通脹預期不那麼穩定時出現的通貨緊縮的特徵。

While the task is not complete, we have made a good deal of progress toward that outcome.

雖然任務還沒有完成，但我們已經在實現這一成果方面取得了很大進展。

Today, I will begin by addressing the current economic situation and the path ahead for monetary policy.

今天，我將首先談談當前的經濟形勢和貨幣政策的未來之路。

I will then turn to a discussion of economic events since the pandemic arrived, exploring why inflation rose to levels not seen in a generation, and why it has fallen so much while unemployment has remained low.

然後，我將轉而討論大流行病發生以來的經濟事件，探討為什麼通貨膨脹率上升到一代人所未見的水準，以及為什麼通貨膨脹率大幅下降，而失業率卻保持在低水平。

So let's begin with the current situation and the near-term outlook for policy.

是以，讓我們從當前形勢和近期政策展望開始。

For much of the past three years, inflation ran well above our 2 percent goal, and labor market conditions were extremely tight.

在過去三年的大部分時間裡，通貨膨脹率遠高於我們 2% 的目標，勞動力市場狀況極為緊張。

The FOMC's primary focus has been on bringing down inflation, and appropriately so.

FOMC 的主要關注點是降低通脹，這樣做是恰當的。

Prior to this episode, most Americans alive today had not experienced the pain of high inflation for a sustained period.

在此之前，大多數美國人還沒有經歷過持續高通脹的痛苦。

Inflation brought substantial hardship, especially for those least able to meet the higher costs of essentials, like food, housing, and transportation.

通貨膨脹帶來了巨大的困難，尤其是那些最無力支付食品、住房和交通等必需品的高昂費用的人。

High inflation triggered stress and a sense of unfairness that linger today.

高通脹引發的壓力和不公平感至今揮之不去。

Our restrictive monetary policy helped restore balance between aggregate supply and demand, easing inflationary pressures, and ensuring that inflation expectations remained well-anchored.

我們的限制性貨幣政策有助於恢復總供給和總需求之間的平衡，緩解通脹壓力，並確保通脹預期保持穩定。

Inflation is now much closer to our objective, with prices having risen 2.5 percent over the past 12 months.

目前，通貨膨脹率已大大接近我們的目標，在過去 12 個月中，物價上漲了 2.5%。

After a pause earlier this year, progress toward our 2 percent objective has resumed.

今年早些時候，我們在實現 2% 目標方面的進展曾一度停滯，但現在又重新開始了。

My confidence has grown that inflation is on a sustainable path back to 2 percent.

我越來越相信，通脹率正在以可持續的方式重返 2%。

Turning to employment, in the years just prior to the pandemic, we saw the significant benefits to society that can come from a long period of strong labor market conditions.

關於就業問題，在大流行病爆發前的幾年裡，我們看到了長期強勁的勞動力市場條件可以為社會帶來的巨大利益。

Low unemployment, high participation, historically low racial employment gaps, and with inflation low and stable, healthy real wage gains that were increasingly concentrated among those with lower incomes.

低失業率、高參與率、種族就業差距處於歷史低位，在低通脹和穩定的情況下，健康的實際工資增長越來越集中在低收入人群中。

Today, the labor market has cooled considerably from its formerly overheated state.

如今，勞動力市場已從之前的過熱狀態大幅降溫。

The unemployment rate began to rise over a year ago and is now at 4.3 percent, still low by historical standards, but almost a full percentage point above its level in early 2023.

一年多前，失業率開始上升，目前為 4.3%，按歷史標準來看仍然較低，但比 2023 年初的水準高出近整整一個百分點。

Most of that increase has come over the past six months.

其中大部分增長是在過去六個月中實現的。

So far, rising unemployment has not been the result of elevated layoffs, as is typically the case in an economic downturn.

到目前為止，失業率上升並不是經濟衰退時通常出現的大量裁員所致。

Rather, the increase mainly reflects a substantial increase in the supply of workers and a slowdown from the previously frantic pace of hiring.

相反，這一增長主要反映了工人供應量的大幅增加，以及此前瘋狂招聘步伐的放緩。

Even so, the cooling in labor market conditions is unmistakable.

即便如此，勞動力市場狀況的降溫仍是顯而易見的。

Job gains remain solid but have slowed this year.

就業增長依然穩健，但今年有所放緩。

Job vacancies have fallen, and the ratio of vacancies to unemployment has returned to its pre-pandemic range.

職位空缺減少，職位空缺與失業率之比恢復到大流行前的水準。

The hiring and quits rates are now below the levels that prevailed in 2018 and 19.

目前，招聘率和辭職率均低於 2018 年和 19 年的水準。

Nominal wage gains have moderated, and all told, labor market conditions are now less tight than just before the pandemic in 2019, a year when inflation was at its lowest level.

名義工資漲幅有所放緩，總而言之，勞動力市場的狀況已不如 2019 年大流行之前那麼緊張，而這一年的通脹率處於最低水平。

The labor market is also at its lowest level since the pandemic in 2019, a year when inflation ran below 2%.

2019 年，勞動力市場也處於大流行病以來的最低水平，這一年的通脹率低於 2%。

It seems unlikely that the labor market will be a source of elevated inflationary pressures anytime soon.

勞動力市場似乎不太可能很快成為通脹壓力上升的根源。

We do not seek or welcome further cooling in labor market conditions.

我們不尋求也不歡迎勞動力市場條件進一步降溫。

Overall, the economy continues to grow at a solid pace, but the inflation and labor market data show an evolving situation.

總體而言，經濟繼續保持穩健增長，但通脹和勞動力市場數據顯示形勢在不斷變化。

And the downside risks to employment have increased.

就業的下行風險也在增加。

As we highlighted in our last FOMC statement, we are attentive to the risks to both sides of our dual mandate.

正如我們在上一次 FOMC 聲明中強調的，我們關注雙重任務兩方面的風險。

The time has come for policy to adjust.

現在是調整政策的時候了。

The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.

前進的方向是明確的，降息的時機和步伐將取決於新的數據、不斷變化的前景以及風險的平衡。

We will do everything we can to support a strong labor market as we make further progress toward price stability.

我們將竭盡所能，在進一步實現物價穩定的同時，為強勁的勞動力市場提供支持。

With an appropriate dialing back of policy restraint, there is good reason to think that the economy will get back to 2% inflation while maintaining a strong labor market.

只要適當放鬆政策限制，我們就有充分的理由認為，經濟將恢復到 2% 的通脹率，同時保持強勁的勞動力市場。

The current level of our policy rate gives us ample room to respond to any risks we may face, including the risk of unwelcome further weakening in labor market conditions.

目前的政策利率水準為我們應對可能面臨的任何風險提供了充足的空間，包括勞動力市場條件進一步惡化的風險。

So let's now turn to the questions of why inflation rose and why it has fallen so significantly even as unemployment has remained low.

是以，現在讓我們來探討一下為什麼通貨膨脹率會上升，以及為什麼在失業率保持低位的情況下，通貨膨脹率還會大幅下降。

There is a growing body of research on these questions, including Gary Eggerson's work, which we'll shortly discuss, and this is a good time for this discussion.

關於這些問題的研究越來越多，其中包括加里-埃格森（Gary Eggerson）的研究，我們稍後將討論他的研究，現在正是討論的好時機。

It is, of course, too soon to make definitive assessments.

當然，現在做出明確的評估還為時過早。

This period will be analyzed and debated long after we are all gone.

在我們都離開人世之後，人們還會對這一時期進行長時間的分析和討論。

The arrival of the COVID-19 pandemic led quickly to shutdowns in economies around the world.

COVID-19 大流行的到來迅速導致全球經濟停滯。

It was a time of radical uncertainty and severe downside risks.

這是一個充滿不確定性和嚴重下行風險的時代。

As so often happens in times of crisis, Americans adapted and innovated.

正如危機時刻經常發生的那樣，美國人進行了調整和創新。

Governments responded with extraordinary force, especially in the United States.

各國政府，尤其是美國政府，以非凡的力量做出了迴應。

Congress unanimously passed the CARES Act.

國會一致通過了 CARES 法案。

At the Fed, we used our powers to an unprecedented extent to stabilize the financial system and help stave off an economic depression.

在美聯儲，我們史無前例地運用我們的權力來穩定金融體系，幫助避免經濟蕭條。

After a historically deep but brief recession, in mid-2020, the economy began to grow again.

在經歷了歷史上嚴重但短暫的衰退之後，2020 年年中，經濟開始恢復增長。

And as the risks of a severe extended downturn receded and as the economy reopened, we faced the risk of replaying the painfully slow recovery that followed the global financial crisis.

隨著嚴重的長期衰退風險的消退，隨著經濟的重新開放，我們面臨著重演全球金融危機後痛苦而緩慢的復甦的風險。

Congress delivered substantial additional fiscal support in late 2020 and again in early 2021.

國會在 2020 年底和 2021 年初提供了大量額外的財政支持。

Spending recovered strongly in the first half of 2021.

2021 年上半年，支出強勁復甦。

And the ongoing pandemic shaped the pattern of the recovery.

大流行病的持續影響了復甦的模式。

Lingering concerns over COVID weighed on spending on in-person services, but pent-up demand, stimulative policies, pandemic changes in work and leisure practices, and the additional savings associated with constrained services spending all contributed to a historic surge in consumer spending on goods.

對 COVID 的持續擔憂影響了個人服務支出，但被壓抑的需求、刺激性政策、工作和休閒方式的流行性變化，以及因服務支出受限而產生的額外儲蓄，都促使消費者在商品方面的支出出現了歷史性的激增。

The pandemic also wreaked havoc on supply conditions.

大流行病還對供應條件造成了嚴重破壞。

Eight million people left the workforce at its onset.

在金融危機爆發之初，就有 800 萬人離開了工作崗位。

And the size of the labor force was still four million below its pre-pandemic level in early 2021.

到 2021 年初，勞動力人數仍比大流行前低 400 萬。

The labor force would not return to its pre-pandemic trend until mid-2023.

勞動力直到 2023 年中期才會恢復到大流行前的趨勢。

Supply chains were snarled by a combination of lost workers, disrupted international trade linkages, and tectonic shifts in the composition and level of demand.

工人失業、國際貿易聯繫中斷、需求構成和水準發生結構性變化，這些因素共同導致供應鏈癱瘓。

Clearly, this was nothing like the slow recovery after the global financial crisis.

顯然，這與全球金融危機後的緩慢復甦完全不同。

Enter inflation.

輸入通貨膨脹。

After running below target through 2020, inflation spiked in March and April 2021.

2020 年通脹率一直低於目標值，2021 年 3 月和 4 月通脹率飆升。

The initial burst of inflation was concentrated rather than broad-based with extremely large price increases for goods in short supply, such as motor vehicles.

最初爆發的通脹是集中性的，而不是廣泛性的，汽車等緊俏商品的價格漲幅極大。

My colleagues and I judged at the outset that these pandemic-related factors would not be persistent and thus that the sudden rise in inflation was likely to pass through fairly quickly without the need for a monetary policy response.

我和我的同事們一開始就判斷，這些與大流行病有關的因素不會持續存在，是以，通貨膨脹的突然上升很可能很快就會過去，而不需要貨幣政策作出反應。

In short, that the inflation would be transitory.

簡而言之，通貨膨脹只是暫時的。

Standard thinking has long been that as long as inflation expectations remain well-anchored, it can be appropriate for central banks to look through a temporary rise in inflation.

長期以來的標準思路是，只要通脹預期保持穩定，中央銀行就可以適當地看待通脹的暫時上升。

The good ship transitory was a crowded one.

這艘 "過境 "的好船是一艘擁擠的船。

With most mainstream analysts and advanced economy central bankers on board,

大多數主流分析師和發達經濟體的中央銀行行長都加入了這一行列、

I think I see some former shipmates out there today.

我想我今天看到了一些以前的船員。

The common expectation was that supply conditions would improve reasonably quickly, that the rapid recovery in demand would run its course, and that demand would rotate back from goods to services, bringing inflation down.

當時的共同預期是，供應條件將很快得到改善，需求的快速復甦將結束，需求將從商品轉向服務，從而使通貨膨脹率下降。

For a time, the data were consistent with the transitory hypothesis.

有一段時間，數據與過渡假說是一致的。

Monthly readings for core inflation declined every month from April through September 2021, although progress came slower than expected.

從 2021 年 4 月到 9 月，核心通脹的月度讀數逐月下降，但下降速度低於預期。

The case began to weaken around mid-year, as was reflected in our communications.

正如我們的信函所反映的那樣，這一情況在年中左右開始減弱。

And beginning in October, the data turned hard against the transitory hypothesis.

而從 10 月份開始，數據嚴重反駁了過渡性假設。

Inflation rose and broadened out from goods to services, and it became clear that high inflation was not transitory and that it would require a strong response if inflation expectations were to remain well-anchored.

通脹率上升並從商品擴大到服務，很明顯，高通脹率不是短暫的，如果要保持良好的通脹預期，就需要採取強有力的應對措施。

We recognized that and pivoted beginning in November.

我們認識到了這一點，並從 11 月開始進行了調整。

Financial conditions began to tighten, and after phasing out our asset purchases, we lifted off in March of 2022.

金融條件開始收緊，在逐步取消資產購買後，我們於 2022 年 3 月取消了資產購買。

By early 2022, headline inflation exceeded 6% and core was above 5%.

到 2022 年初，總體通脹率超過 6%，核心通脹率超過 5%。

New supply shocks appeared.

出現了新的供應衝擊。

Russia's invasion of Ukraine led to a sharp increase in energy and commodity prices.

俄羅斯入侵烏克蘭導致能源和商品價格大幅上漲。

The improvements in supply conditions and the rotation in demand from goods to services were taking much longer than expected, in part due to further COVID waves in the United States.

供應條件的改善以及需求從商品轉向服務所需的時間比預期要長得多，部分原因是美國出現了更多的 COVID 浪潮。

And COVID continued to disrupt production globally, including through new and extended lockdowns in China.

此外，COVID 還繼續在全球範圍內干擾生產，包括在中國實施新的和更長時間的停產。

Higher rates of inflation were a global phenomenon, reflecting common experiences.

通貨膨脹率上升是一個全球現象，反映了共同的經歷。

Rapid increases in the demand for goods, strained supply chains, tight labor markets, and sharp hikes in commodity prices.

商品需求快速增長、供應鏈緊張、勞動力市場緊縮、商品價格急劇上漲。

The global nature of inflation was unlike any period since the 1970s.

通貨膨脹的全球性與 20 世紀 70 年代以來的任何時期都不同。

Back then, high inflation became entrenched, an outcome we were utterly committed to avoiding.

那時，高通脹變得根深蒂固，而這正是我們竭力避免的結果。

By mid-2022, the labor market was extremely tight, with employment increasing by 6.5 million jobs from the middle of 2021.

到 2022 年年中，勞動力市場極為緊張，就業崗位比 2021 年年中增加了 650 萬個。

This increase in labor demand was met, in part, by workers rejoining the labor force as health concerns began to fade.

勞動力需求的增加部分是由於健康問題開始消失，工人重新加入勞動大軍。

But labor supply remained constrained, and in the summer of 2022, labor force participation remained well below pre-pandemic levels.

但勞動力供應仍然受到限制，2022 年夏季，勞動力參與率仍遠低於大流行前的水準。

There were nearly twice as many job openings as unemployed persons from March 2022 through the end of the year, signaling a severe labor shortage.

從 2022 年 3 月到年底，職位空缺數幾乎是失業人數的兩倍，這表明勞動力嚴重短缺。

And inflation peaked at 7.1% in June 2022.

而通脹率在 2022 年 6 月達到峰值 7.1%。

At this podium two years ago, I discussed the possibility that addressing inflation could bring some pain in the form of higher unemployment and slower growth.

兩年前，我曾在這個講臺上討論過這樣一種可能性，即解決通脹問題可能會帶來一些痛苦，表現為失業率上升和經濟增長放緩。

Some argued that getting inflation under control would require a recession and a lengthy period of high unemployment.

一些人認為，要控制通貨膨脹，就必須經歷經濟衰退和長時間的高失業率。

And I expressed our unconditional commitment to fully restoring price stability and to keeping at it until the job is done.

我還表示，我們將無條件地致力於全面恢復物價穩定，並一直堅持到這項工作完成為止。

The FOMC did not flinch from carrying out our responsibilities, and our actions forcefully demonstrated our commitment to restoring price stability.

FOMC 在履行職責時毫不退縮，我們的行動有力地證明了我們對恢復價格穩定的承諾。

We raised our policy rate by 425 basis points in 2022, and another 100 basis points in 2023, and we've held our policy rate at its current restrictive level since July 2023.

2022 年，我們將政策利率上調了 425 個基點，2023 年又上調了 100 個基點，自 2023 年 7 月以來，我們一直將政策利率維持在目前的限制性水準。

The summer of 2022 proved to be the peak of inflation.

事實證明，2022 年夏天是通貨膨脹的高峰期。

The 4.5 percentage point decline in inflation from its peak two years ago has occurred in a context of low unemployment, a welcome and historically unusual result.

在低失業率的背景下，通脹率從兩年前的峰值下降了 4.5 個百分點，這是值得歡迎的，也是歷史上不尋常的結果。

So, how did inflation fall without a sharp rise in unemployment above its estimated natural rate?

那麼，在失業率沒有急劇上升超過估計自然失業率的情況下，通脹率是如何下降的呢？

Pandemic-related distortions to supply and demand, as well as severe shocks to energy and commodity markets, were important drivers of high inflation, and their reversal has been a key part of the story of its decline.

與大流行病有關的供需扭曲以及能源和商品市場受到的嚴重衝擊是導致高通脹的重要因素，而扭轉這些因素是通脹下降的關鍵因素。

The unwinding of these factors took much longer than expected, but ultimately played a large role in the subsequent disinflation.

這些因素的消解所花費的時間遠遠超過預期，但最終在隨後的通貨緊縮中發揮了重要作用。

Our restrictive monetary policy contributed to a moderation in aggregate demand, which combined with improvements in aggregate supply to reduce inflationary pressures while allowing growth to continue at a healthy pace.

我們的限制性貨幣政策有助於減緩總需求，再加上總供給的改善，從而降低了通脹壓力，同時使經濟繼續以健康的速度增長。

As labor demand also moderated, the historically high level of vacancies relative to unemployment has normalized primarily through a decline in vacancies.

由於勞動力需求也有所放緩，空缺職位相對於失業率的歷史高位已趨於正常，主要表現為空缺職位的減少。

Without sizable and disruptive layoffs, bringing the labor market to a state where it is no longer a source of inflationary pressures.

在不進行大規模、破壞性裁員的情況下，使勞動力市場達到不再成為通脹壓力來源的狀態。

A word on the critical importance of inflation expectations.

通貨膨脹預期至關重要。

Standard economic models have long reflected the view that inflation will return to its objective when product and labor markets are balanced without the need for economic slack, so long as inflation expectations are anchored at our objective.

長期以來，標準經濟模型一直認為，只要通脹預期穩定在我們的目標上，當產品市場和勞動力市場達到平衡時，通脹就會迴歸目標，而無需經濟鬆弛。

That's what the model said.

模型就是這麼說的。

But the stability of longer-run inflation expectations since the 2000s had not been tested by a persistent burst of high inflation.

但自 2000 年代以來，長期通脹預期的穩定性並沒有受到持續高通脹的考驗。

It was far from assured that the inflation anchor would hold.

通脹錨還遠未得到保證。

Concerns over de-anchoring contributed to the view that disinflation would require slack in the economy, and specifically in the labor market.

對 "去錨化 "的擔憂促使人們認為，要消除通脹，就需要經濟，特別是勞動力市場出現鬆弛。

An important takeaway from recent experience is that anchored inflation expectations, reinforced by vigorous central bank actions, can facilitate disinflation without the need for slack.

從近期經驗中得出的一個重要啟示是，通過中央銀行的有力行動來加強固定的通脹預期，可以在不需要鬆弛的情況下促進通貨緊縮的消退。

This narrative attributes much of the increase in inflation to an extraordinary collision between overheated and temporarily distorted demand and constrained supply.

這種說法將通脹的上升主要歸因於過熱和暫時扭曲的需求與受限制的供應之間的非同尋常的碰撞。

While researchers differ in their approaches and to some extent in their conclusions, a consensus seems to be emerging, which I see as attributing most of the rise in inflation to this collision.

雖然研究人員的研究方法各不相同，結論也有一定程度的差異，但似乎正在形成一種共識，我認為這種共識將通脹上升的大部分原因歸咎於這種碰撞。

All told, the healing from pandemic distortions, our efforts to moderate aggregate demand, and the anchoring of expectations have worked together to put inflation on what increasingly appears to be a sustainable path to our 2% objective.

總之，大流行病扭曲的癒合、我們緩和總需求的努力以及對預期的錨定，這些因素共同作用，使通脹走上了一條日益看似可持續的通往2%目標的道路。

Disinflation while preserving labor market strength is only possible with anchored inflation expectations, which reflect the public's confidence that the central bank will bring about 2% inflation over time.

只有錨定通脹預期，才有可能在消除通脹的同時保持勞動力市場的活力，通脹預期反映了公眾對中央銀行將在一段時間內實現 2% 通脹率的信心。

That confidence has been built over decades and reinforced by our actions.

這種信心是幾十年來建立起來的，並通過我們的行動得到了加強。

That is my assessment of events.

這就是我對事件的評估。

Your mileage may differ.

您的里程數可能有所不同。

So let me wrap up by emphasizing that the pandemic economy has proved to be unlike any other, and that there remains much to be learned from this extraordinary period.

是以，最後請允許我強調，大流行病經濟已被證明不同於任何其他經濟，從這一特殊時期仍有許多東西需要學習。

Our statement on longer-run goals and monetary policy strategy emphasizes our commitment to reviewing our principles and making appropriate adjustments through a thorough public review every five years.

我們關於長期目標和貨幣政策戰略的聲明強調，我們致力於通過每五年一次的全面公開審查來審查我們的原則並做出適當調整。

As we begin this process later this year, we will be open to criticism and new ideas while preserving the strengths of our framework.

在今年晚些時候開始這一進程時，我們將虛心接受責備和新的想法，同時保留我們框架的優勢。

The limits of our knowledge, so clearly evident during the pandemic, demand humility and a questioning spirit focused on learning lessons from the past and applying them flexibly to our current challenges.

我們知識的侷限性在這次大流行病中表現得如此明顯，這就要求我們保持謙遜和質疑精神，注重吸取過去的經驗教訓，並將其靈活運用於應對當前的挑戰。

Thank you.

謝謝。