High asset prices may have impeded progress on inflation.

I expect inflation to decline but upside risks remain.

More certainty needed on declining inflation before reducing rates.

Patience on rate cuts will allow more clarity on impact of administration policies.

Labor market not tight due to slowed hiring, but unemployment remains below full employment estimates.

Wage growth above level consistent with Fed inflation target.

I'm also monitoring supply chains, signs of pent-up demand for inflation risk.

Fed regulations focusing on fundamental banking problems ready for reassessment.