Key quotes We need further confidence, more good inflation readings but won't be specific about how many to start rate cuts. We'll also be looking at balance of risks, outlook as well. Unexpected weakness in labor market could also call for a response. We will be monitoring labor market for signs of weakness, but not seeing that right now. We don't see ourselves as having the confidence that would warrant policy loosening at this time.
participants were allowed to update their forecasts to incorporate CPI data today if they wanted to. We still have low unemployment, but has softened a bit and that's an important statistic. Argument that job gains may be a bit overstated, but still strong. We are seeing gradual cooling in labor market as it moves into better balance.