00:00Overall, the economy continues to grow at a solid pace, but the inflation and labor market data show an evolving
00:06situation.
00:07The upside risks to inflation have diminished, and the downside risks to employment have increased.
00:14As we highlighted in our last FOMC statement, we are attentive to the risks to both sides of our dual
00:19mandate.
00:21The time has come for policy to adjust.
00:25The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the
00:32evolving outlook, and the balance of risks.
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