After 175 basis points of cuts since mid-2024, Boston Fed President Susan Collins put the current stance at "mildly restrictive, perhaps quite close to neutral." With core PCE running at 3.5%, the real policy rate is barely above zero.
Fed Governor Christopher Waller warned in a 2021 speech against selectively dismissing inflation data points as one-offs, a caution that resonates with ongoing scrutiny of persistent price pressures. Source
