Asks if rate cuts could be counterproductive by raising long-term inflation expectations due to supply shocks and economic strength.
Lisa
Stephen Miran
Sees no evidence markets are concerned about longer-term inflation expectations; short-term moves are mechanical from oil prices.
Asks for definition of 'modestly restrictive' and what it would take to become accommodative.
Jonathan
Stephen Miran
Defines current policy as about a point above neutral; the planned cuts are to reach neutral, not become accommodative.
Stephen Miran
Would consider becoming accommodative only if inflation fell below target, a risk stemming from faster housing inflation decline and potential goods disinflation.
Asks if the current moment calls for waiting or acting ahead of the March meeting.
Jonathan
Stephen Miran
Argues it's a moment to continue acting (cutting rates) in line with existing projections, as recent events haven't changed medium-term forecasts.
Asks about the urgency of reaching neutral given uncertainty about its level and the economic path.
Lisa
Stephen Miran
Prefers continuing 25bps cuts to reach neutral, then reevaluate. Sees no current inflation problem in the US.
Stephen Miran
Believes most on the committee share the view that it's too early to draw dramatic conclusions from recent events, but disagrees on the policy implication (cut vs. hold).