• Credibility of the inflation targeting regime is at risk
  • More rate rises to come in future meetings
  • Strict comparisons with Volcker are inappropriate now
  • US policy rate now arguably in restrictive territory
  • Labor market is very strong, this gives us room to take care of inflation as soon as we can
  • Sees likely peak of rates at around 4.5%, says Fed likely have to stay there for some time

There's no sign of a pivot in these comments. His comments are out about 12 minutes early.