Fed's Cook (voter) says it is prudent to wait 'a bit more time' for inflation to slow, but she is prepared to act if it does not occur 'soon'
- Inflation expectations are anchored, but that depends on appropriate monetary policy; Fed can't take its eye off the ball.
- There is reason to think disinflation will occur, but sees risks also that price pressures will persist due to tariffs, the Middle East conflict, and AI investment.
- Since last summer, there has been 'a notable shift' in risk towards higher inflation and away from the job market, which appears stable.
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