00:00In the meeting just concluded, the FOMC decided to raise the target range for the federal funds rate by a
00:07quarter of a percentage point to 3.75% to 4% in support of the Federal Reserve's dual mandate.
00:14The committee is continuing its policy of maintaining ample reserves in the banking system.
00:20As noted in the policy statement released just a short while ago, economic activity is expanding at a solid pace.
00:27While uncertainty remains elevated, owing in part to geopolitical developments, domestic spending has been resilient, productivity growth strong, and capital
00:41investment is robust.
00:43Job gains have kept pace with the workforce, and the unemployment rate has changed little.
00:49But inflation remains elevated.
00:52Today's policy action will support a timelier return to the committee's 2% goal.
00:59This committee will deliver price stability.
01:03Now I'll get into some further detail.
01:06Our decision comes at a time when the American economy appears to be strengthening.
01:12New hiring, private sector earnings, business capital investment.
01:17Each of these markers has improved in recent months and is pointing in a good direction.
01:24Credit flows have been robust, particularly for businesses.
01:28And as I said at the policy symposium in Jackson Hole, I would be hard-pressed to describe broad financial
01:35conditions as restrictive.
01:37This view was widely shared by the committee.
01:41So we removed a dose of accommodation.
01:44And as I said at the policy of another day, we needed to inform you about it.
01:44I'll get to the policy of action when the company is unless we have more information about it.
01:44I'm going to take all this information first.
01:45I hope I enjoyed this with the support and do someachape.
01:45I hope that's moved on in front of the discussion between the two of the doctor's grecip and me.
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