00:00I see elevated risks to both sides of our mandate and from a risk management
00:05perspective I currently believe that the right course of action is
00:10to hold great steady however I want to be clear about my risk assessment the
00:17risks remain tilted toward higher inflation and my baseline forecast
00:22disinflation should resume in upcoming months without having to raise rates
00:27similarly I expect the labor market will remain stable without having to lower
00:32rates after five years of above target inflation I am particularly attuned to
00:39the risk that elevated inflation will become embedded and price and wage
00:44setting behavior as such I am prepared to raise rates if the expected
00:50disinflation does not appear in a timely manner likewise I will continue to
00:55monitor labor market development as well and would be prepared to adjust my
01:00policy stance downward should the labor market deteriorate
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