- There is good news on inflation recently
- Sooner or later, that will be reflected in monetary policy
- Optimistic about inflation dynamics, even on core inflation
It's all relative. That is the key takeaway from his remarks above. They are stressing data-dependency now but the timing of any policy pivot will be more of a subjective case. In any case, traders are still pricing in ~98% odds of a rate cut in April so it will be interesting to see how this all plays out in the next two months.
