00:00Good day.
00:01In the meeting just concluded,
00:04the FOMC decided to raise the target range
00:07for the federal funds rate
00:08by a quarter of a percentage point
00:10to three and three quarters to four percent
00:13in support of the Federal Reserve's dual mandate.
00:16The committee is continuing its policy
00:19of maintaining ample reserves in the banking system.
00:22As noted in the policy statement
00:24released just a short while ago,
00:26economic activity is expanding at a solid pace.
00:30While uncertainty remains elevated,
00:33owing in part to geopolitical developments,
00:36domestic spending has been resilient,
00:39productivity growth strong,
00:42and capital investment is robust.
00:45Job gains have kept pace with the workforce
00:47and the unemployment rate has changed little.
00:51But inflation remains elevated.
00:54Today's policy action will support a timelier return
00:59to the committee's two percent goal.
01:01This committee will deliver price stability.
01:05Now I'll get into some further detail.
01:08Our decision comes at a time
01:10when the American economy appears to be strengthening.
01:14New hiring, private sector earnings,
01:17business capital investment.
01:19Each of these markers has improved in recent months
01:22and is pointing in a good direction.
01:25¡Gracias!
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