Fed is quite focused on bringing inflation down to 2%.
    
 We've moved quickly this year to restrictive territory.
    
We are now at a point where we can pay more attention to the rate we are getting to, less on pace.
    
We may shift to slower pace of rate increases at next meeting.
    
It's 'smart' to modulate on rate hike pace.
    
Current fed policy is restrictive.
    
Broadly the view of colleagues that fed policy is in restrictive territory now.
    
The question is how much more restrictive do we need to be to bring down inflation.
    
We have some work still to do.
    
We have more work to do on rates later this year and next year.