The meaning of it is not clear, although if you stare at it long enough you might see a pattern. But let’s take a step back (figure 3). As you can see, if you are too focused on a few dots, you may miss the larger picture.
Delivering on the FOMC’s intention to ultimately normalize policy continues to be a major priority at the Fed. Normalization is far along, and, considering the unprecedented nature of the exercise, it is proceeding smoothly. I am confident that we can effectively manage the remaining stages. Beyond Normalization We live in a time of intense scrutiny and declining trust in public institutions around the world.