Fed's Logan: Fed must be prepared to keep raising rates longer than anticipated, if needed

• Even after pausing, need to stay flexible then tighten further if conditions call for it
• Need continued gradual rate hikes until we see convincing evidence inflation is falling to 2% in a sustainable, timely way
• Tightening policy too little is the top risk
• Tightening too much or too fast risks weakening the labor market more than necessary
• Should not lock in a peak Fed policy rate or precise rate path
• There has been some progress, need to see slower inflation in services
• Little sign of improvement in core services ex housing inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term
• Need a better balance in labor market to bring inflation back to 2%

This is a decidedly different tone than Powell struck at the last FOMC.