00:00Good day. This morning the FOMC decided to maintain the target rate for the
00:07federal funds rate at three and three quarters to four percent in support of
00:11the Federal Reserve's dual mandate. Economic activity is expanding at a
00:17strong pace. While uncertainty remains, owing in part to geopolitical
00:22developments, domestic spending has been resilient. Productivity growth is strong
00:28and capital investment robust. Job gains have kept pace with the workforce and
00:34the unemployment rate has changed little, but inflation remains elevated. The
00:41committee believes that the accumulation of more information will help it
00:45determine the policy stance appropriate to ensure a timely return of inflation
00:51to the two percent goal. The committee will deliver price stability. We discussed
00:57geopolitical developments and fast-moving changes in technology. We observed, but
01:04we're not surprised, that financial markets showed bouts of volatility and shifting
01:10correlations. So as we widen the frame to survey the broad economic and financial
01:16picture, real activity is clearly pointing in the right direction. That's good news.
01:22But inflation is too high. Energy and related prices have moved higher again in recent weeks.
01:30Continued aynı
01:30and said
01:35for the consistency.
01:35you
