00:00I am fully committed to returning inflation to our 2% target, consistent with our dual mandated
00:07objectives of price stability and maximum employment given to us by the Congress.
00:14At our last meeting in June, the Federal Open Market Committee decided to maintain
00:21the target range for the federal funds rate at 3.5% to 3.25%.
00:27This policy stance should continue to support the labor market while allowing inflation to
00:34resume its decline towards our 2% target as the effects of past tariff and energy prices
00:43pass through completely.
00:45That said, in a scenario where actual inflation does not start to cool soon, I believe that
00:56it would, it could be, I believe it could be, appropriate to reconsider our current policy
01:03stance to ensure we fulfill our commitment to deliver price stability.
01:11Fortunately, our current policies stance leaves us well positioned to respond to economic developments
01:18based on the incoming data, the evolving outlook, and the balance of risks.
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