- Inflation is too high, must come down
- We’ll keep at it until the job is done
- Need to see inflation actually falling in data
- Uncertain times require a risk management approach to policy
- Core inflation has been surprisingly strong
The comments today from a handful of officials don’t suggest that 100 bps is on the table in the aftermath of the CPI report. The Fed blackout kicks off next Friday and we’ll get comments from Williams just beforehand. That will be the last chance to steer expectations, aside from a leak to Timiraos.