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- Two-month core PCE was little changed in March, according to estimates
- Labor market moving into better balance
- The performance of the US has been quite strong
- Recent data have not given greater confidence in inflation
- We took a cautious approach to not overreact to declines last year
- Restrictive policy needs further time to work
- The current situation is not the standard case of inflation driven by overheated demand
The US dollar has edged up on these comments. It's not clear if he's backing away from the 'bumpy' commentary here.
