Expect US economy to continue slowing.

In Q1 expect labor market to continue to slow, inflation to come down.

Fed is data-dependent.

Have not seen core services inflation come down as we would like.

Core services inflation excluding shelter has shown no sense it is coming down.
    
There's agreement among fed policymakers that inflation is more persistent than thought.
    
Biggest risk is that inflation expectations would drift up.
    
We are determined, united, resolute to bring inflation down.
    
Wage growth coming down is completely consistent with labor market slowing.
    
Still out of balance in labor market.

December wage data was one month of data, can't declare victory.
    
It's too soon to declare victory and stop rate hikes.

We don't need to see inflation get to 2%, or even down to a stone's throw before we would stop raising rates. This phase of tightening is extremely challenging.