00:00but we will deliver price stability as before the policy statement conveys just the facts
00:07it's steering clear of forecasting a choice we consider especially prudent at these uncertain
00:13times uncertainty however does not mean a lack of clarity for some households businesses and
00:22market professionals five years of high inflation have left a mistaken impression
00:28that's hard to shake that the fed's implicit inflation target was somehow above two percent
00:35let me reiterate there is no soft inflation target there is no soft implicit target not
00:43on this committee's watch there's only a target and it's two percent not one of my fomc colleagues
00:52is under any illusion we have begun a new chapter and we understand that the five plus years of
00:59inflation above target cannot be cured in nine weeks or by a single month of modest price decreases
