Fed Vice Chair Lael Brainard said in a speech, “monetary policy will be restrictive for some time to ensure that inflation moves back to target over time.”
“It will take time for the cumulative effect of tighter monetary policy to work through the economy broadly and to bring inflation down.”
“In light of elevated global economic and financial uncertainty, moving forward deliberately and in a data-dependent manner will enable us to learn how economic activity, employment, and inflation are adjusting to cumulative tightening in order to inform our assessments of the path of the policy rate.” She said.
