- Ultimately if you want a strong labor market, you have to have price stability
- Having a strong labor market is important and a big focus
- What we are seeing from Ukraine looks like a classic supply shock
- We want to be very careful to get policy where it needs to be, not comfortable with looking through the shock
- I don't have a test for what would trigger a 50 bps hike
- We may well reach the conclusion we need to move more quickly
- Best thing we can do to keep strong market is stabilize prices
- In the medium term, I don't see a conflict between employment and inflation goals
There's nothing new here but it's clear that global central bankers all see the Ukraine situation as inflationary and that's the right call.