- Whether more is needed from the Fed remains to be seen
- We are making real progress on inflation
- The job isn't done, inflation remains too high
- Not yet convinced inflation on a smooth glide path to 2%
- Weill need economic slowing to beat inflation
- Any downturn will be less severe than past recessions
There's a clear message here: The economy needs to slow down or the Fed will hike more (or at least keep rates higher than the market is pricing).