Chairman Brown, Ranking Member Scott, and other members of the Committee, I am honored to present the Federal Reserve's semiannual Monetary Policy Report. The Federal Reserve remains focused on promoting maximum employment and stable prices for the American people. The economy has shown progress towards the 2 percent inflation goal, with resilient demand and strong performance. Labor market conditions have cooled but remain strong, with unemployment at 4.1 percent in June. Inflation remains above the 2 percent goal, but recent readings show some progress. Monetary policy actions aim to balance demand and supply conditions and put pressure on inflation. The target range for the federal funds rate has been maintained, with a cautious approach to reducing policy restraint. The Committee will assess data and risks carefully to determine the appropriate path of monetary policy. Restoring price stability is essential for achieving maximum employment and stable prices. Our mission is to serve all Americans effectively. Thank you.