- We gotta take the steam out of inflation, we can’t adjust
- I don’t think 100 bps is necessary
- No need to push rates to 6% like the Fed did in 1995
- Notes ‘huge consensus’ among policymakers on way forward
I think this “fine-tuning” comment is important because it indicates that the Fed is not interested in taking a break just because stock markets are struggling. Now it’s doubtful they can sustain this for another 6 months.