Tries not to overreact to single data points. Disappointed by more Americans not working. Economy is healthy and brightening. Labor market is stabilizing (unemployment 4.3-4.4%). Inflation has been above target for 5 years with no progress in last 2 years, still around 3%. Sees two-sided risks to rates.

Believes policy is right around neutral. Economy performing reasonably well suggests not overly restrictive. Business leaders still investing and taking loans; banks see improving loan growth. Should stay around neutral to maintain pressure on inflation.

As one person, thinks Fed could be on hold for quite some time.

Notes history of smooth transitions. Chair is influential in bringing committee together. Confident new chair will do their best.

Thinks it's a discussion worth having. Fed has rigorous debates. Changes should be slow and thoughtful given magnitude of decisions. Excited for fresh ideas on communication strategy too.

Core question is ample vs. scarce reserves regime. To maintain rate control, must supply reserves banks demand. Currently via Treasuries; scarce regime would use repos (open market operations). Size similar, form/duration/risk differs. Form could change.

Yes, changed. Companies no longer sitting on hands. Recognized ongoing uncertainty last fall. Example: Akron businesses want to hire 10 workers if they can find them. Skilled labor shortage is a growth barrier.

Pricing pressures consistent, inflation near 3%. Driven by energy and insurance costs. Example: grocer dealing with high energy costs. PPI > CPI means businesses absorbing costs, eroding margins. Question is how long they can buffer before passing on.

Cleveland research shows higher energy prices can impact consumer outlook, spending, and willingness to invest. Economy in reasonably good place now. Watching oil price impact—magnitude and persistence matter. Could mean more inflationary pressure or demand drop-off. Two-sided risks worth watching.