00:00We want economic growth to be more broad-based, and we want the change in prices, the increase in inflation,
00:09to be more limited.
00:10There are a lot of things that are happening that are outside of our control, as you mentioned, conflicts overseas
00:16and the rest.
00:17We can't have and shouldn't have a direct control on that, but inflation's a choice.
00:22We monetary policymakers need to choose lower prices, and that's the commitment my colleagues have made.
00:30We're doing three things.
00:32One commitment, which you heard at our first FOMC meeting, and I hope you heard today, is we're committed to
00:39the Fed to deliver price stability.
00:41We're committed to the 2% inflation goal.
00:44Second thing that we can do is take ownership.
00:47This isn't a time for us to pass the buck to blame others.
00:50And we have the tools to deliver that.
00:54So it's a function of commitment, responsibility, and tools, and we're three for three, and we'll deliver.
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