- Inflation is too high
- Restoring price stabilty will likely require ongoing rate hikes
- I cannot assume improvements in supply constraints will be steady
- I have revised up my assessment of the persistence of high inflation
- At some point it will be appropriate to slow the pace of hikes
- Notes usefulness of timely high-frequency wholesale car prices, rental rates on new leases and surveys on supplier delivery time/prices paid
- Notes google mobility data and opentable reservations as useful during pandemic
- Full speech
This is Cook's first speech and it might as well have been written by Powell himself. What's the point in having a big group of supossedly diverse opinions on the Fed board if they all say the same thing?