00:00As we sit here, Mr. Chairman, we're at a hinge point in history.
00:04It's up to all of us to meet this moment.
00:07The task for this generation of policymakers
00:10and of individuals and households in the private sector
00:14is to ensure that the American economy excels far into the future.
00:19Now, at the Fed, our number one objective is getting monetary policy right.
00:25That's our clear and constant aim.
00:27The star we steer by.
00:31And if we get policy right, and I can assure you we will,
00:36the inflation surge of the last five years will be a thing of the past.
00:42Just a month ago, I chaired my very first meeting of the FOMC.
00:47My colleagues and I recognized that high inflation has been an undue burden
00:52on American households and businesses.
00:54And while monthly price volatilities and variations are inevitable,
01:01especially in an unsettled world,
01:04underlying inflation over longer time horizons
01:07is determined largely by monetary policy.
01:10As the chairman said at the outset, inflation's a choice.
01:14The members of our committee have no tolerance
01:17for persistently elevated inflation,
01:20and we share a resolute commitment to ensure price stability.
01:25We all have said that visibility
01:25is the Emax coherence conflict.
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