Overall, the recent data have not materially changed my outlook, but they do highlight uncertainties related to timing and the need for patients, Recognizing that disinflation may continue to be uneven and this also implies that less easing of policy this year than previously thought may be warranted. Recent developments continue to highlight the importance of a patient and methodical approach as we holistically assess the available information. The incoming data have eased my concerns about an imminent need to reassess the stance of policy. It just may take more time than previously thought for activity to moderate and to see further progress on inflation returning durably to our target. Less concern about labor market fragilities, combined with the possibility that policy is only modestly restrictive reduces the urgency to ease. And ultimately, though, I want to stress that policy is not on a preset path. It remains well positioned to manage the risks, upside risks as well as downside risks.
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