- Pressing ahead now with additional rate increases could ‘needlessly drain’ momentum from the economy
- Policy hasn’t been restrictive long enough for effects to hit, so it’s prudent to wait
- Risk of waiting is that inflation rebounds, but ‘that’s not my baseline’
- Some further slowing of labor market may be necessary for inflation to return to 2%
- Bank contagion hasn’t materialized
This is a strong dovish pushback from Bostic. Goolsbee earlier also sounded like he’s not inclined to support a July hike.