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.
00:19Yet for more than five years, inflation has been running above target.
00:24So our predominant focus is on the price stability side of our mandate.
00:30The plain fact is that inflation is too high and has been for too long.
00:36We made this decision today based on our assessment of the situation, based on our assessment of the trajectory for
00:44employment, based on our judgment on the strength of the economy.
00:49Sometimes the market tries to prejudge our outcomes.
00:53I'll observe market prices and see what they have to say, but today was our decision.
