Fed Vice Chair Lael Brainard said on Tuesday that, moving forward, she is going to be very cautious about making predictions and that she is watching core inflation very carefully, reported Reuters.  

Additional Remarks:

• The Fed's goal is to bring inflation down while sustaining economic recovery. 
• The very high inflation we are seeing is a result of a series of shocks. 
• A tightening in financial conditions will help moderate demand, particularly in areas such as durable goods. 
• "We're in a period of very high uncertainty."
• "We saw a moderation in core inflation this month."
• "Those kinds of developments will give me confidence we'll achieve 2% inflation, but the timeline is unclear."
• Today's economy is shaped by a unique set of circumstances."
• "We still have well-anchored longer-term inflation expectations."
• That will be enormously helpful to us going forward on inflation.
• There is quite a bit of capacity for labor demand to moderate by reducing job openings without the need for layoffs.