• We would expect to see meaningful tariff inflation effects in June, July, and August.
• If we don't see that, that would lead to cutting earlier.
• Fed is in a watch and wait mode.
• Tariffs may prove to be one time hit to inflation, but want to approach that with some care.
• Overall inflation picture is positive.
• Think it is time for us to be seen inflation in the data, if we don't or do that will matter.
• I would not say dollar is in decline; statements to that effect are premature, overdone