I understand that you have a very heavy agenda so my intent is to be very brief and not to stray from the script as is often my wont. As leading entities charged with the supervision of the financial sector, we all carry an enormous responsibility and one that ought not to be taken lightly.
The FOMC moved policy into restrictive territory at a rapid pace and subsequently downshifted the pace of increases in the target range at its most recent meeting. This will enable us to assess more data as we move the policy rate closer to a sufficiently restrictive level, taking into account the risks around our dual-mandate goals. In parallel, balance sheet runoff is continuing.