00:00Our current policy stance will allow the FOMC to bring inflation all the way back to our 2% target
00:05while sustaining a balanced labor market. Of course, I approach the economic outlook and policy
00:11strategy with humility. Any number of economic or financial developments could require a change in
00:18the course of policy or a fundamental rethink of the outlook and the balance of risks. We'll learn
00:24in coming months whether inflation is coming down to our target and whether the labor market will
00:29remain stable. If so, this would tell me that our current policy stance is appropriate and
00:35that no further rate cuts are needed to achieve our dual mandate goals. If instead we see inflation
00:42coming down but with further material cooling in the labor market, cutting rates again could
00:47become appropriate. But right now, I'm more worried about inflation remaining stubbornly
00:53high. Fortunately, our policy is well positioned to respond to risks to either of the FOMC's
01:00dual mandate objectives. I'll continue to closely watch the economic data, financial conditions
01:07and economic models, and listen to what our surveys and context tell me as I assess appropriate
01:12monetary policy. And I remain committed to sustainably achieving both of the FOMC's dual mandate goals.
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