Case for Raising Rates Has Weakened Somewhat
Some Surveys of Business and Consumer Sentiment Have Moved Lower
Fed Facing Contradictory Picture of Strong U.S. With Cross Currents
Committee Now Evaluating Appropriate Timing for End of Balance Sheet Runoff
Fed Thinks Current Policy Stance Appropriate
Some of the Cross Currents May Be With Us for Awhile
Composition of Balance Sheet in Longer Run Very Important
Narrative of Slowing Global Growth Continues
Length of Patient Period Depends on Incoming Data and Implications for Outlook
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