00:00It's still stubborn, and it's still sticky, and we've got to continue to find ways to break through.
00:07I think we need a little bit more information.
00:09What I'm trying to figure out is the demand side of what's driving both growth and inflation.
00:15We've got a lot of time before our next meeting, so I don't want to prejudge anything,
00:19but I believe now is the time to act.
00:22The longer inflation stays above our objective, the harder it will be for us to bring it back down,
00:26and the more pain that individuals and businesses are going to be experiencing.
00:30To me, the real problem with us missing on our inflation objective for so long
00:35is the risk that an inflationary mindset starts to set in with the public.
00:39Everybody should be on edge, and I would say my biggest fear in the short run
00:44continues to be that inflation is not under control,
00:48and so we hear a lot about affordability, and we better be mindful
00:52because if inflation starts going up again, it's very hard to get rid of it.
00:59If you're a very interest rate sensitive industry, I would tell you, watch the data.
01:07Don't get so hyped up about what the market says.
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