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- Reports that there’s broad support for having 50 bps on the table at the next two meetings
- Expresses uncertainty about the economy
- Financial conditions overall have tightened significantly
- We need the supply side to catch up
- We need to see growth moving down from the very high levels we saw last year, but still positive
- We need to see clear and convincing evidence that inflation pressures are abating
- If we don’t see that, we’ll have to consider moving more aggressively
- If we do see that happening, we could move at a slower pace
- The economy is strong and well-positioned to withstand tighter monetary policy
- Says they’re watching China and effects of Ukraine war very closely
- We don’t know where neutral is, we don’t know where ‘tight’ is
- We will look at changes in the economy and financial conditions at each meeting
- We won’t hesitate to go beyond neutral if needed. We’ll go to the point where we can view inflation coming down
- Inflation is way to high and we’re going to bring it down
- We’re not setting policy on the assumption that the supply side will improve
- We’d still have a strong labor market if unemployment “moves up a few ticks”
- The economy doesn’t work for anyone without price stability
- There could be some pain involved to restoring price stability
- We need to see inflation coming down in a convincing way, this is not a time for tremendously nuanced readings on inflation
- There is a real possibility that globalization will go into reverse to some extent
- There’s an overwhelming need to get inflation under control
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