Williams:

• Fall in inflation reflects ‘normal volatility’
• Trimmed mean inflation not trending up or down
• Has more confidence in his outlook for moderate growth
• Near term risks to growth have receded
• We are in the right place in terms of policy
• Labor market should support inflation returning to 2%, no sign of inflation pressure
• Expects sustainable growth of 2.25% GDP growth in 2019
• Says he is seeing more positive readings on China’s economy due to gov’t efforts
• Trade tensions and Brexit uncertainty are downside risks

Bostic:

• FOMC officials all in the same mindset on patience on rates
• Still see one rate hike in 2019 but willing to be patient
• Fed may need new policy calculus if tariffs prolonged
• Will wait and see how businesses respond on tariffs
• Don’t see inflation now decelerating away from goal
• If inflation expectations anchored, may need action