- Also doesn't see any current need to raise interest rates
- April CPI was a 'positive development' for inflation dynamics
- Overall trend for slowing inflation looks good
- But still lacks confidence that inflation is moving sustainably to 2%
- Monetary policy is restrictive, 'in a good place'
- Jobs market is still tight but excesses are waning
In short, he is saying that the report yesterday was one moving in the right direction. However, it's not enough to compel the Fed to really act upon it and/or pivot. I think that will continue to at least shelve the idea of any move in June or July at least.
