• Most pressing issue for the Fed is inflation
  • Continued above-trend growth for the US is the base case outlook for the next 18 months at least
  • A lot of people want to "pt the pandemic behind them" and have plans about how to spend
  • From a macro perspective, effects of Ukraine war are so far continued, does not think Europe will go into recession
  • Pandemic and policy response has 'thrown us for a loop' in terms of inflation

He picked a good day to say this with a strong risk backdrop.