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.
00:12As we act to meet that obligation, we will balance our maximum employment and price stability mandates, keeping in mind that without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans.
00:24For 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.
00:31The effects of tariffs will depend, among other things, on their ultimate level.
00:35Expectations of that level, and thus of the related economic effects, reached a peak in April and have since declined.
00:42Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity.
00:48The effects on inflation could be short-lived, reflecting a one-time shift in the price level.
00:53Despite elevated uncertainty, the economy is in a solid position.
00:57The unemployment rate remains low, and the labor market is at or near maximum employment.
01:03Inflation has come down a great deal, but has been running somewhat above our 2% longer-run objective.
