• Need policy to be sufficiently restrictive until see inflation is well on its way to 2%
• Inflation is one of the most lagging variables
• If you wait until inflation is 2%, we would likely have over tightened
• Our balance sheet policies on track, the markets continue to be well-functioning
• It's not the time now to start thinking about changing balance sheet role
• No evidence of wage price spiral forming
• More evidence of policy efforts Fed has made so far are working their way through the economy