Since the beginning of this year, against the backdrop of widespread changes in economic policy, the U.S. economy has shown resilience. In terms of the Fed's dual mandate, the labor market remains close to full employment, and while inflation is still somewhat elevated, it has significantly retreated from its post-pandemic peak. Meanwhile, the balance of risks seems to be shifting. In my remarks today, I will first discuss the current economic situation and the recent outlook for monetary policy. Then, I will turn to the results of our second public assessment of the monetary policy framework, as reflected in the revised "Statement on Longer-Run Goals and Monetary Policy Strategy" we released today. Current Economic Conditions and Recent Outlook A year ago, when I stood at this podium, the economy was at a turning point. Our policy interest rate has been maintained at a level of 5.25% to 5.5% for over a year. This restrictive policy stance is appropriate and helps to lower inflation and promote a sustainable balance between total demand and total supply. Inflation is very close to our target, and the labor market has cooled from its previous overheating state. The upside risks to inflation have diminished. However, the unemployment rate has risen by nearly one percentage point, a situation that has historically never occurred outside of recession periods. In the subsequent three Federal Open Market Committee (FOMC) meetings, we recalibrated our policy stance for the past.