- Without price stability, there is no sustained strong jobs market
- US economy has slowed significantly from last year
- We've covered a lot of ground, full effects of tightening yet to be felt
- Higher rates appear to be weighing on business investment
- Labor market remains extremely tight
- Inflation remains well-above long run goal of 2%
- It will take 'substantially more evidence' to give confident that inflation is on a sustainable downward path
- Participants still see inflation risks as to the upside
- Stable inflation expectations aren't grounds for complacency
- We are seeing the effects of higher rates in the most-sensitive areas like housing
- We still have "some ways to go" on rates
- We will stay the course until the job is done
- Historical precedence argues against loosening prematurely
Key line:
"The inflation data in October and November show a welcome reduction. But it will take substantially more evidence to give confidence that inflation is on a sustained downward path."
That and "we still have some ways to go" aren't quite the downshift that many were hoping for.
