Inflation is much too high, and I strongly believe that bringing inflation back to our target is a necessary condition for meeting the goals mandated by Congress of price stability and maximum employment on a sustainable basis.

Fed rate rises this year, which have been very large relative to the pace of past rate rise campaigns, had her full support.

If we do not see signs that inflation is moving down, my view continues to be that sizable increases in the target range for the federal funds rate should remain on the table.

I believe a slower pace of rate increases would be appropriate.

To bring inflation down in a consistent and lasting way, the federal funds rate will need to move up to a restrictive level and remain there for some time.

Not yet clear how far the Fed will need to increase the cost of short-term credit and how long it will need to maintain a restrictive policy stance.

Under current circumstances, however, the best we can do on the public communications front is, first, to continue to stress our unwavering resolve to do what is needed to restore price stability.