• The economy is slowing somewhat
• Inflation is very high and the Fed is a long way from where it needs to be
• Housing is moderating, this is not a surprise
• Sees a notable drop in inflation on the way
• High inflation is a global issue
• Supply chain disruptions are easing quickly

He lays out some of the reasons that inflation should come down but there’s no hint of a pivot here. The Fed wants to see it happen.