00:00PUTTING THE PIECES TOGETHER, WHAT ARE THE IMPLICATIONS FOR MONETARY POLICY?
00:04IN THE NEAR TERM, RISKS TO INFLATION ARE TILTED TO THE UPSIDE,
00:08AND RISKS TO EMPLOYMENT TO THE DOWNSIDE, A CHALLENGING SITUATION.
00:13WHEN OUR GOALS ARE INTENTIONED LIKE THIS, OUR FRAMEWORK CALLS FOR US TO BALANCE BOTH SIDES OF OUR DUAL MANDATE.
00:19OUR POLICY RATE IS NOW 100 BASIS POINTS CLOSER TO NEUTRAL THAN IT WAS A YEAR AGO,
00:25AND THE STABILITY OF THE UNEMPLOYMENT RATE AND OTHER LABOR MARKET MEASURES ALLOWS US TO PROCEED CAREFULLY AS WE CONSIDER CHANGES TO OUR POLICY STANCE.
00:35NONETHELESS, WITH POLICY IN RESTRICTIVE TERRITORY, THE BASELINE OUTLOOK AND THE SHIFTING BALANCE OF RISKS MAY WARRANT ADJUSTING OUR POLICY STANCE.
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