Fed's Musalem (2028 voter, hawk) says tailwinds include accommodative financial conditions are currently larger than the headwinds for the US economy; uncertainty around tariffs and war are headwinds

Inflation is meaningfully above target. Along with tariff and oil shocks, there is underlying inflation the Fed needs to worry about. There are risks to both mandates, but risks have been shifting towards inflation. Current policy is either neutral or sightly accommodative in real terms. Consumers and companies both say they are struggling with higher and rising prices. Meeting 2% target is the best thing the Fed can do for growth and employment. 2% inflation would mean rates can come down some more. Firms are saying that they are not hiring due to uncertainty.