- Unfolding situation in Ukraine will be a consideration in determining the appropriate pace of removing accommodation
- The events have implications for medium-run economic outlook in the US
- Geopolitical events add upside risk to the inflation forecast even as they point some downside risks on near-term growth
- Expects some improvement in inflation readings later this year
This is the right take. This is inflationary and it should mean faster rate hikes but that's unpalatable so I think it will lead to a more-dovish Fed, with the justification being that it will come back down.