"Risks for inflation are tilted to the upside and risks to employment to the downside, a challenging situation.

When our goals are in tension like this, our framework calls for us to balance both sides of our dual mandate.

Our policy rate is now 100bps closer to neutral than it was one year ago, and the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.

Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance."

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