- US central bank 'most likely' will need more interest rate cuts, but should 'proceed cautiously'.

- Models show that Fed Funds rate could be 'very close' to neutral rate.

- If Fed cuts too far, past neutral level, inflation could reaccelerate.

- Difficult to know how many Fed rate cuts may be needed, and how soon they may need to happen.

- Fed has made 'great deal of progress' bringing down inflation, restoring balance to economy.

- Fed is not quite back to price stability yet.

- U.S. economic activity is 'resilient.'

- Labor market 'cooling gradually' but not weakening materially.

- Rise in bond yields in part reflects rise in term premiums; if rise continues, Fed may need less restrictive policy.