Committee Split Between 100-125BPs Of Tightening For Rest of 2022

Q: You say meeting by meeting, but sure looks like 75, 50, 25? What's the incentive to continue front loading?

• A: We make one decision per meeting; you're right the median for the year end suggests another 125bp in rate increases but there's also a fairly large group that saw 100bps. We didn't make that decision today. We're committed to getting to a restrictive level and getting there pretty quickly.
• Our expectations has been that we would start to see inflation come down; if you look at core PCE, inflation is at 4.8%, 4.5%, 4.8% (3-, 6-, 12-month trailing basis). That tells us we need to continue. Today we did another large increase. We're still discovering the level we need to get to.