Brainard at the Peterson Institute in Washington, DC

  • Policy increasingly dependent on how outlook evolves

  • Some tailwinds fading, including cooler global growth

  • Financial conditions have tightened in recent months

  • US economic momentum strong, as shown by labor market

  • Job gains well above level that absorbs new entrants

  • Wages picked up over past year, inflation encouraging

  • Good reasons to expect solid US growth in 2019

  • Fading fiscal stimulus likely in 2020

What's the 'near term'? I guess it's tough to finesse the message of saying you're going to hike in December but probably wait afterwards. On net, I think this still sounds that message but maybe not as loud as the market would like.