looking ahead, the nguyen administration is --the new administration is in the process of implement significant policy changes in 4 distinct areas, trade, immigration, fiscal policy, and regulated. the net effect of these published changes will matter for the economy and monetary policy. while there have been developing since some of these areas, especially trade policy, uncertainty around the changes in their likely effects remains high. as we parse the incoming formation, we are focused on separating the signal from the noise as the outlook evolves. we do not need to be in a hurry, and we are well-positioned to wait for greater clarity. policy is not a preset course. the economy remains strong, but if inflation does not move sustainably towards 2%, we can remain policy constraint for longer. if the labor market which we can on or inflation fall more quickly than anticipated, we can ease policy accordingly. our current policy stance is well-positioned to deal with the risks we face in pursuing both sides of our mandate. before i conclude, i will note that at our last fomc meeting, we began our