- Household balance sheets have weakened, over time they will normalize and be less of a factor in driving consumption
- Labor market seems to be rebalancing in a way that is allowing lower inflation without unemployment
- Recent rise in productivity suggests supply side healing form the pandemic
- Perhaps potential GDP growth has risen
- Will be looking at the totality of data in making rate cut call, wants to see evidence that inflation is 'sustainably' headed to target
More to come.
