More from Brainard in the Q&A

  • Hard to see discernible trade impact in overall data

  • Trade is a source of uncertainty but not seeing impact on prices or confidence

  • Very early to assess if tax cuts helping supply side

  • A lot of fiscal stimulus still in the pipelin

Along with her earlier comments, she's generally upbeat. She calls economic growth strong. I think the market is underpricing the risk of 3-4 more hikes next year.