not worried about the inflation pressure

it’s a good time to pause and be cautious

Fed funds rate arguably close to neutral

US monetary policy neither accommodative nor restrictive at this point

yield curve inversion ‘pretty narrow’

Fed is ‘mindful’ of financial market constraints

I want to see more inflation, do not expect rate increase until H2 next year

will take action if inflation undershoots

we have to be nervous when yield curve gets flat

fundamentals for U.S. growth look good

sees 1.75pct to 2pct u.s. Gdp growth this year

downside risks have risen, driven by uncertain outlook for global growth, trade policy

own outlook is less sanguine than it was last autumn

'could be' upside surprises, but downside scenarios 'loom larger'

Fed's wait-and-see approach is prudent, given heightened uncertainty

some further rate hikes could be appropriate over time, if core inflation accelerates

policy may need to be loosened, if economy softens or inflation runs too low