00:00Our obligation is to keep longer-term inflation expectations well anchored and to prevent a one-time increase in the price level from becoming an ongoing inflation problem.
00:08As we act to meet that obligation, we will balance our maximum employment and price stability mandates,
00:13keeping in mind that without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans.
00:20For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy standards.
00:27The effects of tariffs will depend, among other things, on their ultimate level.
00:31Expectations of that level, and thus of the related economic effects, reached a peak in April and have since declined.
00:38Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity.
00:44The effects on inflation could be short-lived, reflecting a one-time shift in the price level.
00:49Despite elevated uncertainty, the economy is in a solid position.
00:53The unemployment rate remains low, and the labor market is at or near maximum employment.
00:59Inflation has come down a great deal, but has been running somewhat above our 2% longer-run objective.
01:04Thank you.
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