Case for Raising Rates Has Weakened Somewhat

Some Surveys of Business and Consumer Sentiment Have Moved Lower

Fed Facing Contradictory Picture of Strong U.S. With Cross Currents

Committee Now Evaluating Appropriate Timing for End of Balance Sheet Runoff

Fed Thinks Current Policy Stance Appropriate

Some of the Cross Currents May Be With Us for Awhile

Composition of Balance Sheet in Longer Run Very Important

Narrative of Slowing Global Growth Continues

Length of Patient Period Depends on Incoming Data and Implications for Outlook