Raising rates too quickly could unnecessarily 3/4  BIS central bankers' speeches  shorten the economic expansion while moving too slowly could result in rising inflation and inflation expectations down the road that could be costly to reverse.
As I calibrate, in the months ahead, the pace and ultimate destination for monetary policy adjustments that will best allow the Fed to achieve its dual-mandate objectives, it will be important to me to evaluate a wide range of economic and financial market indicators to complement the predictions yielded by model-based scenarios.