00:00Determining appropriate monetary policy in the current uncertain environment with competing risks is challenging.
00:07However, with inflation risks somewhat more contained, but greater downside risks to employment,
00:14it seems prudent to normalize policy a bit further this year to support the labor market.
00:21Importantly, even with some additional easing, monetary policy would remain mildly restrictive,
00:26which is appropriate for ensuring that inflation does resume its decline once tariff effects filter through the economy.
00:34But policy is not on a preset path, and I can envision scenarios where appropriate policy calls for holding rates steady later this year and into next
00:45as we assess effects of the recent policy actions and as we get more information.
00:50Going forward, my policy decisions will continue to be guided by my best assessment of all of the available data,
00:57their implications for the outlook, and the evolving risks.
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