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.
00:15As we highlighted in our last FOMC statement, we are attentive to the risks to both sides of our dual mandate.
00:22The time has come for policy to adjust.
00:25The 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.
00:35We will do everything we can to support a strong labour market as we make further progress toward price stability.
00:42With 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 labour market.
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