Fed's Cook (voter) says it is prudent to wait 'a bit more time' for inflation to slow, but she is prepared to act if it does not occur 'soon'

Inflation expectations are anchored, but that depends on appropriate monetary policy; Fed can't take its eye off the ball. There is reason to think disinflation will occur, but sees risks also that price pressures will persist due to tariffs, the Middle East conflict, and AI investment. Since last summer, there has been 'a notable shift' in risk towards higher inflation and away from the job market, which appears stable.