Q&A continues: Q: Previous mid-cycle cuts saw...>

FED: Q&A continues:

Q: Previous mid-cycle cuts saw rate hikes fairly quickly, what would make you

raise again?

- A: Previously was because inflation rose quickly. This cycle: moved down in

Q1, we thought that was idiosyncratic, and it has moved back up, but it has

settled below 2%, so we haven't seen that risk; inflation expectations lower,

important. Not thinking about raising rates now. Thinking our current stance is

appropriate.

Q: What does appropriate mean?

- A: The current stance is likely to remain appropriate as long as incoming info

about economy is in line with our outlook; but if material change in outlook, we

would act appropriately. Not one data point. (Similar phrasing as earlier in the

presser.)

Q: Why wasn't it in the statement?

- A: There's a science to what you put in the statement. I'm saying it now,

so...