- Recent dots show a fair amount of dispersion in opinion at the Fed
- Fed is not in a 'mad dash' to neutral, in favor of not rushing to judgment or assuming job is done on inflation
- Does not expect to see unemployment increase much further
- Labor market is 'not flashing red', optimistic about the future
- Fed will have to let the policies of the next President play out
- Had earlier been concerned that rate cuts would unleash pent-up demand but that may be 'substantially less' than thought
- Feels neutral is in the 3-3.25% range
- Excess savings have diminished for many households but some still have cash on hand and could fuel demand
