- Inflation is likely past its peak but still elevated
- It will take longer for pullback in demand to further slow the pace of price increases
- Data continues to push back recession risk
- Makes sense for Fed to steer 'more deliberately' from here due to lagged effects of policy
- While average inflation has peaked, the decline has been distorted by a few goods; median has stayed high
- COnfident that the FEd has its 'foot...unequivocally on the brake'
Just yesterday Kashkari said there is not much evidence that rate hikes so far have had much effect on the labor market.