Being data dependent, I have revised up  4/5  BIS -  my assessment of the persistence of high inflation. And given my risk-management approach, with upside risks to inflation being the most salient, I fully supported the stepup in the front-loading of policy over the past three FOMC meetings. Front-loading has several positive features.
It puts monetary restraint into place more quickly to reduce demand while supply is constrained. It may also act to rein in inflation expectations and, as a result, to influence wage- and price-setting behavior. This preemptive approach is appropriate.