00:00In certain circumstances, our actions might have disproportionate effects on the two sides of our mandate.
00:07Now, for example, I do not think further cuts in interest rates will do much to patch over any cracks in the labor market.
00:15Stresses that are more likely than not arise from structural changes in technology and immigration policy.
00:21However, cuts could have a longer lasting effect on inflation as our commitment to our 2% objective increasingly comes into question.
00:33This is my rationale for descending against the rate cut at the last meeting and one that continues to guide my thoughts as I head into the meeting in December.
00:43Importantly, though, my decision in that meeting will be informed by my discussions and information gathering in the coming weeks.
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