00:00You said in Jackson Hole that you want to see inflation come down clearly and at sufficient speed,
00:06which is a standard without necessarily a measurable threshold.
00:10And the reason I ask is because today you say today's policy action will support a timelier return to the
00:17committee's 2% target,
00:18and yet in the summary of economic projections, the median pushes the 2% target achievement out to 2029, another
00:25two years.
00:26And I'm wondering how you can square those two things.
00:30One easy way to square that, Mike, is those aren't my forecasts.
00:35Those are the forecasts of my 18 colleagues, and I tried to represent them dutifully to you.
00:43My business is to not give forward guidance, but my commitment in June was to reaffirm to the American people,
00:51to anyone listening, that we will deliver price stability.
00:54My commitment in July was to say we want to buy a little bit of time.
00:59We want to evaluate what's happening across a range of dimensions.
01:03And what I said in Jackson Hole in August is we're committed to a discipline, not to a decision.
01:09Today's action starts to show we're serious about this, and we will deliver on the price stability objective.
01:17And as the statement said, we'll do it on a timelier basis.
01:22That's our decision.
01:24And when we continue our discussions over the course of the next several weeks and months,
01:31we'll have more to say about it.
01:32But I'm ill-prepared to prejudge those future actions.
01:35We'll be back in place.
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