However, the data on progress toward our inflation objective are equivocal. Measures of underlying inflation have yet to convincingly signal a move back to 2 percent, and inflation expectations appear low, as I noted earlier. I want to emphasize that monetary policy is data dependent and is not on a preset course.
In this regard, I look forward to hearing the deliberations of the Committee. Recognizing the data we have on hand for the second quarter is quite mixed and still limited, and there is important near-term uncertainty, there would appear to be an advantage to waiting until developments provide greater confidence.