00:00Recent economic growth in the U.S. has been solid, though I expect a more modest pace
00:07of growth this year as households face increased energy costs.
00:14The U.S. labor market is broadly stable, with both hiring and firing at relatively low levels.
00:20I see risk to the labor market as somewhat skewed to the downside.
00:27Disinflation in the U.S. stalled over the preceding year, largely because of tariffs, increased tariffs.
00:34In recent months, inflation moved notably higher because of higher energy costs.
00:40I expect inflation to decline later this year as the effects of tariffs and the energy shock wane.
00:48But I view risk around my inflation outlook as tilted to the upside.
00:53I remain firmly committed to returning inflation to the Federal Open Market Committee's 2% target,
01:03aligned with our dual-mandated objectives of price stability and maximum employment given to us by the Congress.
01:13At our last meeting in April, the FOMC decided to maintain the target range for the Federal funds rate at
01:213.5% to 3.25%.
01:25I believe this policy stance leaves us well positioned to respond to economic developments based on the incoming data, the
01:35evolving outlook, and the balance of risks.
01:38I have not prejudged the next meeting, and I look forward to engaging with my colleagues about the policy necessary
01:46to best achieve our dual-mandated objectives.
01:49If you're up and reads them well, there will be right before you areago at 30.9$.
01:50Let's try Vermusley back to 30. Seven-Nautical
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