00:00Well it sounds like you think at this point the risks to inflation and to employment are roughly balanced.
00:05Yeah if you go back to the fall I think a lot was behind our moves was the sense that
00:09the risk of the labor market were up
00:11while the risk to inflation were down. The data that's come in over the last couple of months would I
00:15think suggest it's moved in the other direction.
00:18Well you mentioned that you know you're going to get probably an elevated P.C.E. reading coming up.
00:24At this point is monetary policy set at a place where it can help you bring down inflation or is
00:33it even too tight.
00:34Where is it on the scale. Well I expect we're still you know modestly restrictive and that should help as
00:41we try to grind out the last mile here.
00:43But again we'll have to see I definitely take note of the continued strength in demand.
00:48And so I don't think we're highly restrictive. If you were highly restrictive you'd see a lot more impact on
00:54demand.
00:54Which has stayed you know very healthy. I was reflecting it was four years ago that we first started increasing
01:00interest rates in March of 22.
01:03And if you had predicted then that we would have demand growth of the sort we've had over the last
01:08four years you would have been a severe outlier.
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