The general tenor of the data has suggested that inflation is leveling off or declining, rather than continuing to rise.
...The St. Louis Fed president said the cost of another round of inflation pressures "could be quite large", and in that regard he is "asymmetrical" in his assessment of the risks to the economy of a sustained period of elevated inflation.
"However, my judgment is that looking ahead the risks the data will come in higher than anticipated on inflation are roughly symmetrical with the risk that the inflation issue will subside," Poole said. The current level of the federal funds rate is "just about right given the information we have".
As reported by Bloomberg News