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good afternoon my colleagues and I remain squarely focused on achieving our dual mandate goals of Maximum employment and stable prices for the benefit of of the American people our economy has made considerable progress toward both goals over the past two years the labor market has come into better balance and the unemployment rate remains low inflation has eased substantially from a peak of 7% to 2.5% we are strongly committed to returning inflation to our 2% goal in support of a strong economy that benefits everyone today the fomc decided to leave our policy interest rate unchanged and to continue to reduce our Securities Holdings we are maintaining our restrictive stance of monetary policy in order to keep to keep demand in line with Supply and reduce inflationary pressures we are attentive to risks on both sides of our dual mandate and I will have more to say about monetary policy after briefly reviewing economic developments recent indicators suggest that economic activity has con
