As of today, I remain comfortable with the assumption that circumstances will come together around mid-year, or a little later, that will deliver sufficient confidence to begin normalization with the liftoff decision. I won’t be more definitive than that. I think all possibilities from June on should remain open. I don’t at this juncture have a prediction or preference.
Timing will depend on what the data tell us. From a Main Street perspective, the important point for business planning is that monetary policy is likely to shift sometime this year, and a higher interest-rate environment will ensue.