Our number one objective is getting monetary policy right. That's our clear and constant aim. The star we steer by.And if we get policy right, and I can assure you we will, the inflation surge of the last 5 years will be a thing of the past. Just a month ago I chaired my very first meeting of the FOMC. My colleagues and I recognize that high inflation has been an undue burden on American households and businesses.And while monthly price volatilities and variations are inevitable, especially in an unsettled ...

As the chairman said at the outset, inflation's a choice. The members of our committee have no tolerance for persistently elevated inflation, and we share a resolute commitment to ensure price stability. This was the focus of our June meeting at which we decided to hold the target range in the Fed funds rate at 3 and a half to three and 3/4%.Now, naturally, our work at the Fed demands a proper reading on economic conditions. As you see in our report, economic activity grew at a solid pace, showing remarkabl ...