I will not be head-faked by one report and will continue to watch the data between now and the December FOMC meeting before deciding on the next step for policy. Now let me turn to the implications of this outlook for monetary policy.
Since my last outlook speech in October, we have gotten some additional data that reinforces my sense that the labor market may be loosening, and that inflation pressure may be easing. But as I said a moment ago, this hasn't been sufficient to significantly alter my outlook or my view of appropriate monetary policy.