Text released from Fed's Logan at 9:35 AM ET, key points:

  • The October CPI data is a welcome relief, but there is a long way to go.
  • It may soon be appropriate to slow the rate-increase pace.
  • The process of cooling off the economy is just getting started.
  • The FOMC must do everything in its power to restore price stability.
  • The policy must focus on promptly restoring price stability.
  • A slowdown in the economy is appropriate to moderate demand and prices.