• Saying that we needed to 2 hikes was a way to keep optionality open
• The good news on inflation this week is indeed good news
• To early to say we can declare victory on inflation
• Lags in monetary policy is 12 – 24 months
• There is still cumulative effects of monetary tightening to work its way through the system
• Thought that the banking crisis could be worth 1 to 2 tightenings, but not seeing that impact
• Am mindful that we still have an economy that has a lot of momentum
• We are going to continue to work on rate hikes until we are sure that inflation is on the path to come back down toward 2%
• There is a risk that we over-tighten and a risk that we under-tighten. That is why we are data dependent
• Was not aware of problems at Silicon Valley Bank