- Monetary policy is only moderately restrictive
- There has been amazing progress on inflation but it remains a problem
- Restrictive policy is still needed for some period of time to control inflation
- We also still have a rate-of-change problem that needs to be addressed
- Thought that 75 bps rate cut for 2024 was appropriate back in September
- Tariffs have the potential to further complicate inflation outlook
- Full transcript (may be gated)
As a reminder, Hammack was the sole dissenter to the rate cut in December and she won't be holding a voting position on the FOMC this year. Her comments fit with her profile, so there isn't anything too surprising here.
