00:00Overall, the economy continues to grow at a solid pace, but the inflation and labour market data show an evolving situation.
00:08The upside risks to inflation have diminished and the downside risks to employment have increased.
00:14As we highlighted in our last FOMC statement, we are attentive to the risks to both sides of our dual mandate.
00:21The time has come for policy to adjust. 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.
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