Q: Can you talk about how you factor in lags?
A: Changes in financial conditions begin to affect activity in a few months, but it's likely to take some time to see the full effects of fin conditions on inflation. That's why I noted that at some point it will become appropriate to slow hikes while we assess how adjustments are affecting the economy.
It's hard to say with precise certainty how this is going to unfold. What you see in the SEP is people's view as of today to the kind of rate levels that will be appropriate. Those will evolve over time. There is a possibility we will go to a certain level that we're confident in and stay there for a time. But we're not at that level.
Clearly we've just moved into the very lowest level of what might be restrictive. In our view there's a ways to go.

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Jack Lewis

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