- Compared to December, there have been big declines in energy prices
- We are working under very high uncertainty
- This is why we must not be so confident about where rates need to go
- But interest rates do have to be higher than they are now
- Where we exactly end up will depend on a lot of factors
- Full transcript (may be gated)
It is quite a comprehensive interview, which covers a multitude of topics from market fragmentation all the way to fiscal policy. But the above is more or less the gist of their policy view at the moment. It isn't anything new but the acknowledgment of the drop in energy prices since their last policy meeting is perhaps saying something.
