• Central bank has more to do to lower inflation
  • More rate hikes will help restore balance in economy
  • Expects US jobless rate to rise from 3.7% to 4.5-5.0%
  • Inflation to cool to 5.0-5.5% by year end and 3.0-3.5% by late 2023
  • Sees modest growth this year and next

Notable here is the inflation forecast for next year at 3.0-3.5%, which compares to the range of 2.6-3.5% in the Fed's SEP.