The last three months has left considerable uncertainty about the next few months of inflation.

There is considerable uncertainty about inflation in the next three months.

Daly is getting different signals from firms who say consumers seem to be getting choosy but input prices are not yet receding.

The balance sheet offers no signal about monetary policy.

Currently no evidence that the labor market is approaching a worrisome position.

Fed's Daly sees a really healthy labor market and inflation that is too high.

Risks to employment and inflation goals are balanced.

Fed policy is restrictive but it may still take time to bring inflation down.