00:00Certainly, this is something that's top of mind, the impact of tariffs with respect to both sides of our mandate, that being maximum employment and price stability.
00:15But one thing that I always like to keep in mind is that there are a lot of potential policy changes that are being considered.
00:27Some that have been implemented, some that could be.
00:30With respect to immigration, with respect to trade, with respect to regulation, and also fiscal policy.
00:39So when I think about the risk to our both sides of our mandate, I have to weigh the totality of all those policies and the net effect of that.
00:53And yes, I agree that we're facing risk to both sides of the mandate now.
00:58But I think that policy is in a very good place.
01:03I believe it is moderately restrictive.
01:06And given the level of uncertainty that we're facing right now, I believe that it is appropriate that we wait and see how the policies evolve over time and their impact.
01:26So we could have a one-time increase in the price level.
01:35And I believe it is important that monetary policy makes sure that any increase in the price level is not converted into a sustained increase in inflation.
01:48So we're going to keep our policy in a position to keep expectations anchored.
01:58And we're going to wait and see the eventual impact of the totality of policies.
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