- Restrictive policy is putting downward pressure on inflation
- Tariffs effects are largely confined to goods
- Inflation expectations still relatively well anchored
She's clearly erring on the dovish side and would vote for a rate cut in December if she could. She's not a voter until 2027 though. There are 12 voting members in the FOMC and right now we can safely say that 3 will vote for a cut and 3 will vote for a hold. The rest will decide based on the data ahead of the next meeting in December.
