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00:00Looking ahead, the new administration is in the process of implementing significant policy changes in four distinct areas.
00:12Trade, immigration, fiscal policy and regulation.
00:16It is the net effect of these policy changes that will matter for the economy and for the path of monetary policy.
00:22While there have been recent developments in some of these areas, especially trade policy,
00:26uncertainty around the changes and their likely effects remains high.
00:30As we parse the incoming information, we are focused on separating the signal from the noise as the outlook evolves.
00:37We do not need to be in a hurry and we are well positioned to wait for greater clarity.