of contacts to discuss economic conditions as i assess the appropriateness of our monetary policy stance. as i noted earlier, i continue to view inflation as a concern. in light of the upside risks that i just described, it remains necessary to pay close attention to the pricestability side of our mandate while being attentive to the risks of a material weakening in the labor market. my view continues to be that restoring price stability is essential for achieving maximum employment over the longer run. however, should the data evolve in a way that points to a material weakening in the labor market, i would support taking action and adjust monetary policy as needed while taking into account our inflation mandate. closing thoughts in closing, thank you again for welcoming me here today. it is a pleasure to join you and to have the opportunity to discuss my views on the economy and monetary policy. and given the recent fomc meeting decision and my dissent, i appreciate being able to provide a more detailed explanation of the reasoning that led me to dissent in favor of a smaller reduction in the policy rate at last week's fomc meeting. i look forward to answering your questions and to engaging with your members on bank regulatory and supervisory matters. 1 the views expressed here are my own and not necessarily those of my colleagues on the federal open market committee or the board of governors. 5 / 5 bis - central bankers'speeches

result in inflationary effects on food, energy, and other commodity markets. expansionary fiscal spending could also lead to inflationary risks, as could an increased demand for housing given the long - standing limited supply, especially of affordable housing. while it has not been my baseline outlook, i cannot rule out the risk that progress on inflation could continue to stall. although it is important to recognize that there has been meaningful progress on lowering inflation, while core inflation remains around or above 2. 5 percent, i see the risk that the committee's larger policy action could be interpreted as a premature declaration of victory on our price - stability mandate. accomplishing our mission of returning to low and stable inflation at our 2 percent goal is necessary to foster a strong labor market and an economy that works for everyone in the longer term. in light of these considerations, i believe that, by moving at a measured pace toward a more neutral policy stance, we will be better positioned to achieve further progress in bringing inflation down to our 2 percent target, while closely watching the evolution of labor market conditions. the path forward despite my dissent at the recent fomc meeting, i respect and appreciate that my fomc colleagues preferred to begin the reduction in the federal funds rate with a larger initial cut in the target range for the policy rate. i remain committed to working together with my colleagues to ensure that monetary policy is appropriately positioned to achieve our goals of attaining maximum employment and returning inflation to our 2 percent target. i will continue to monitor the incoming data and information as i assess the appropriate path of monetary policy, and i will remain cautious in my approach to adjusting the stance of policy going forward. it is important to note that monetary policy is not on a preset course. my colleagues and i will make our decisions at each fomc meeting based on the incoming data and the implications for and risks to the outlook guided by the fed's dual - mandate goals of maximum employment and stable prices. we need to ensure that the public understands clearly how current and expected deviations of inflation and employment from our mandated goals inform our policy decisions. 4 / 5 bis - central bankers'speeches by the time of our next meeting in november, we will have received updated reports on inflation, employment, and economic activity. we may also have a better understanding of how developments in longer - term interest rates and broader financial conditions might influence the economic outlook. during the intermeeting period, i will continue to visit with a broad range