Fed Vice Chair Lael Brainard said yesterday, “I think it will probably be appropriate soon to move to a slower pace of increases, but I think what’s really important to emphasize is… we have additional work to do.”

“It’s really going to be an exercise on watching the data carefully and trying to assess how much restraint there is and how much additional restraint is going to be necessary, and sustained for how long, and those are the kinds of judgments that lie ahead for us,” she said.

“It makes sense to move to a more deliberate and a more data dependent pace as we continue to make sure that there’s restraint that will bring inflation down over time,” she said.

“As we go forward…risks are going to be two sided if we get into more restrictive or further into restrictive territory,” she said, “so we’ll be balancing those considerations.”

Fed Chair Jerome Powell indicated that it’s appropriate to continue tightening. But the Committee would like to assess additional information, before making meeting-by-meeting decisions.

In the prepared remarks for the Semiannual testimony to Congress, Powell said, “Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year.”

“But at last week’s meeting, considering how far and how fast we have moved, we judged it prudent to hold the target range steady to allow the Committee to assess additional information and its implications for monetary policy,” he added.

In determining future actions, Fed will take into account, “account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments”.

“We will continue to make our decisions meeting by meeting, based on the totality of incoming data and their implications for the outlook for economic activity and inflation, as well as the balance of risks,” He said.

Full remarks of Fed Powell here.