- Patience needed, measured adjustments
- Fed uncertain if current economic dynamics are 'remnants' of pandemic recovery or the new normal
- Fed not certain if inflation is on track to 2%
- Fed unsure about length of policy lags
- Debates are no centred on what constitutes sufficiently restrictive and how long to maintain that stance
She's not pushing at all to keep a Dec/Jan hike on the table. The Fed messaging is shifting towards keeping the market from pricing in rate cuts. That said, the market is priced for an 80% chance of a cut on May 1 or sooner.