Lorie Logan, Speech: Opening Remarks for ‘Energy and the Economy, The New Energy Landscape’ Conference

“Today’s economic conditions are complex, but they can be summarized in five words: Inflation is much too high.”

“Not only is inflation far above the FOMC’s 2 percent target, but with aggregate demand continuing to outstrip supply, inflation has repeatedly come in higher than forecasters expected. This morning’s CPI [Consumer Price Index] data were a welcome relief, but there is still a long way to go.”

Fed Funds: “While I believe it may soon be appropriate to slow the pace of rate increases so we can better assess how financial and economic conditions are evolving, I also believe a slower pace should not be taken to represent easier policy. I don’t see the decision about slowing the pace as being particularly closely related to the incoming data. The restrictiveness of policy comes from the entire policy strategy—not just how fast rates rise, but the level they reach, the time spent at that level, and, importantly, the factors that determine further increases or decreases.”