00:00Looking ahead, the new administration is in the process of implementing significant policy changes in four distinct areas, trade, immigration,
00:09fiscal policy, and regulation.
00:11It is the net effect of these policy changes that will matter for the economy and for the path of
00:16monetary policy.
00:17While there have been recent developments in some of these areas, especially trade policy, uncertainty around the changes and their
00:24likely effects remains high.
00:26As we parse the incoming information, we are focused on separating the signal from the noise as the outlook evolves.
00:33We do not need to be in a hurry, and we are well positioned to wait for greater clarity.
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