Fed's Barr (voter) says he has particular concern for long-run inflation expectations, adds the longer inflation remains above 2%, the greater the risk that it becomes entrenched

Says:  In a good place to hold rates and assess incoming data. The economy has remained resilient through a series of shocks, but these have complicated the Fed reaching its 2% inflation goal. It makes sense for the Fed to take time to assess economic developments before further policy changes. Extended war could have broad impact on prices and the economy. If the Middle East conflict ends soon, the economic impact could be limited, but broader implications remain if it persists.