Comments from the Dallas Fed leader in a moderated Q&A:

  • We are going to have to shift our approach coming out of the virus
  • Says he's on his 'front foot' about wanting to remove extraordinary actions, but because of variants, not yet

Along those lines, Michigan's Governor just asked people to refrain from eating out for two weeks because of rising cases.

  • Excessive accommodation for longer than we need to has side effects
  • Some of the inflation in the coming months will be transitory, some won't be
  • Once it's clear we've weathered the virus, I want to err on the side of starting to remove extraordinary policies sooner rather than later