- We are moving our policy rate 'purposefully'
- US economy has slowed from 2021
- Price pressures evident across a broad range of goods and services
- Highly attentive to risks of inflation
- Pace of rate hikes will continue to depend on incoming data and outlook
- At some point we will slow the pace of increases while we assess impact of prior hikes
- Decisions will be made meeting-by-meeting
- Restoring price stability will require holding rates at restrictive levels for 'some time'
- Historical record cautions against premature rate cuts
- The dot plot does not represent a plan or commitment
- We will keep at it until the job is done
The US dollar has reversed the initial rally across the board with USD/JPY now below pre-FOMC levels. The tone wasn't quite as forceful as Jackson Hole but the reversal might also reflect the bid in lond-dated bonds.