Introducing comments from NY Fed President John Williams.

Williams says Middle East conflict introduces substantial risk and heightened uncertainty, but current monetary policy stance is well positioned to balance the risk.

Economy has been resilient to uncertainty with strong consumer spending and solid business investment.

There are conflicting signs from labor market - some data points to stabilization, other data points to softening.

Good labor market for those with jobs, but not necessarily for those trying to enter workforce - a bifurcation.

Tariff effects expected to weigh over next couple quarters, putting downward pressure on core inflation.

Middle East conflict yet to come could result in a more supply shock.