I still see continued progress on inflation.

I am optimistic for 2025 on a soft landing.

For the last 6 months, PCE inflation has run close to the 2% target.

There's been an uptick in business confidence and uncertainty since the election.

The CPI report is somewhat encouraging, and somewhat discouraging, in equal measure.

I am wary of the seasonal pattern of inflation.

If Congress and the President begin drafting policies that will raise prices, the Fed has to think about that. What matters is the impact of policies as a whole.