- Inflation is the key spot we've missed on our mandate and that's where we should be focused
- If we get improvement on inflation, back into the range of our dual mandate, then we have more-symmetric concerns
- We don't debate on specific policies for the future, that's not how the Fed works
- We vote on the current meeting
- Far be it from me to get into the head of what the market is thinking
- We don't choose our actions based on how we think markets will react
- I don't know if markets have gone too far
- The market based projection of rates is greater than the SEP
- I was surprised that the market tried to say there was some difference between what Williams said and what Powell said
- Our job as central bankers is to be paranoid all the time
The market is pricing in 144 bps of rate cuts next year.
I argued on Friday that Williams wasn't saying anything different and wasn't pushing back, which is exactly what Goolsbee confirmed today.