00:00And while this summer's PCE and CPI readings were better than expected, they do not tell me that underlying trends
00:07have meaningfully improved.
00:09The Fed's price stability objective of 2%, as measured by the PCE price index, is a firm, fixed target.
00:19Let me be equally clear about another aspect of this objective.
00:23Price stability is not self-executing, nor is inflation necessarily mean reverting.
00:32It's the Fed's job to deliver stable prices.
00:35We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed.
00:44Otherwise, we have work to do.
00:47That's our job, that's our mandate, and that's our charge to keep.
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