 Elevated inflation is not the only risk we face. Reducing policy restraint too late or too little could unduly weaken economic activity and employment. In considering adjustments to the target range for the federal funds rate, the committee will continue its practice of carefully assessing incoming data and their implications for the evolving outlook, the balance of risks and the appropriate path of monetary policy. And Jay Powell concludes his semi-annual monetary policy testimony before the House Financial Services Committee this morning.