- Some part of April inflation represents lagged nature of data
- Fed is still very much holding its breath
- Right now is a time for the Fed to wait for more information, try to get past the noise in the data
- Cannot jump to conclusions about long-term trends given all the short-term volatility present
- Fed's task is to be a steady hand and not to respond to daily gyrations of stock market, policy pronouncements
His comments continue to reaffirm that the Fed is still very much in wait-and-see mode. And that will certainly continue to irk Trump, with his latest disdain towards Fed chair Powell coming yesterday here.
