- Action in the job market right now does not feel like recession
- Movement in longer-run inflation expectations 'encouraging'
- Demand is starting to respond to tighter Fed policy in housing and elsewhere, some supply improvement apparent too
- Not putting much probability on possible Fed actions at meetings beyond July, will adapt as data comes in
- Comfortable economy can withstand 75 bps in July
- Current policy remains accommodative
There isn't much to think about here. Fed policymakers remain universally upbeat on the economy.
