Fed Governor Lisa Cook said, “data are telling a pretty clear story of a historically strong labor market, with still elevated inflation.” But, Fed is “starting to seem some improvement in inflation data.”
She expects that inflation will “continue falling this year and next, though progress may be uneven.”
It’s “appropriate now to move in smaller steps as Fed assesses cumulative impact of rate increases so far,” She added. “Fed will stay the course until inflation is contained.”
Overall, the path of policy rates “will depend on how quickly inflation moves towards the 2% goal.”
