Given the tightening already in the pipeline, I am mindful that monetary policy works with long lags. Thus, as we get closer to that uncertain destination, it would be prudent to move in smaller steps. How far we go, and how long we keep rates restrictive, will depend on observed progress in bringing down inflation.
But rest assured, we will keep at it until the job is done. Thank you. See Board of Governors of the Federal Reserve System (2022), “Federal Reserve Issues FOMC Statement,” press release, November 2, https://www.federalreserve.gov/monetarypolicy/files/monetary20221102a1.pdf. 11