00:00It still seems too early to assess the size and persistence of the economic effects from the
00:06Iran conflict. And I'm optimistic that once the conflict is resolved, supply disruptions will
00:12ease, leaving a temporary imprint on PCE inflation and minimal impacts on domestic economic activity.
00:20This view seems consistent with oil futures prices and financial market optimism. But should
00:26disruptions persist well into the second half of the year, we could start to see broader effects
00:31on U.S. inflation. As I think about the path forward for monetary policy, I would like to have
00:37more clarity on the economic impacts from the conflict in the Middle East and the durability
00:42of those effects. In this regard, I appreciated and supported keeping the language from the FOMC's
00:48March post-meeting statement about additional rate adjustments. It is appropriate to look through
00:53temporarily of elevated inflation readings, largely due to higher energy prices, provided that we
01:00remain credible in our commitment to achieve our inflation goal and one-off tariff effects
01:05wane, as I expect that they will.
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