- Fed has more work to do, we should not be fooled by a few months of good data
- Labor market is still hot, we have a long way to go before reaching inflation goal
- Inflation is much, much too high, though starting to come down
- Labor market is not as frothy as 9 months ago but still strong overall
He's not as dovish as he sometimes is but he's not going to be pushing for hikes. When it's time to start cutting rates, he's one of the guys who will be signalling it early.