Is the pressure on inflation behind us? I think not. Inflationary pressures are not going to surge overnight, but they'll creep up.
These testimonies are to shape people's expectation of future moves. If you're not sure where you are going then why change it?
We're more productive than we were in the 90s and frankly we didn't start hitting wage pressures in the 90s until about a 4-3/4 percent unemployment rate.
What the Fed told us today is, we don't think we are done yet and we are not sure when we will be done.