- It's too early to start discussing cuts
- We're still discussing whether we raised interest rates enough and how long they need to stay where they are
- Fed will do what it needs to do, we're going to do what we need to do
Central bankers have a long history of warning that 'it's too early to discuss' things, right before doing those very things. It's fair that they don't want to frontrun their decisions but I wouldn't expect markets to shift thinking on March, which is 65% priced for a cut, rising to 100% in April.
Earlier, Macklem said the 2% inflation target is "now in sight".