I agreed it was appropriate at this meeting to recalibrate the Fed funds rate level, but I preferred a smaller first move.

We have not yet achieved the inflation goal.

I see risk that the FOMC's larger policy action could be interpreted as a premature declaration of victory on inflation.

Such an approach would avoid unnecessarily stoking demand.

The economy remains strong and labor market remains near full employment.

I believe moving at a measured pace toward a more neutral policy stance will ensure further progress is made in returning inflation to 2% goal.

My reading of labor market data has become more uncertain because of measurement challenges, difficulty assessing immigration impact.

I respect and appreciate that colleagues preferred to go with a larger reduction, and remain committed to working with them to ensure policy is appropriately positioned to achieve dual mandate goals.