- Inflation is much closer to 2% goal
- The labor market is not a source of significant inflation pressures
- Total PCE prices likely rose 2.5% in 12 months ending in Dec, with core up 2.8%
- Inflation expectations remain well anchored
- Consumer spending has been resilient
- Investment in equipment has strengthened
- We are attentive to risks on both sides of the mandate
- We are not on any pre-set course
- Median projections are somewhat higher, consistent with higher inflation forecasts
- If inflation is stronger we can dial back policy more slowly
There is no hint about a pause or hiking in the bolded line. It's either 'cut fast' or 'cut slow'.
- Can ease more quickly if labor market weakens unexpectedly or inflation falls more quickly
There weren't any big signals in the opening statement.