Statement Comparison: Cumulative Impact And Lags Lean Dovish

The added mention of taking into account the cumulative tightening of monetary policy and lags is dovish, setting up slower rate hikes going forward.

• Feels like it was authored by the more dovish elements on the committee; it echoes Powell's "At some point, as the stance of monetary policy tightens further, it will become appropriate to slow the pace of iincreases while we assess how our cumulative policy adjustments are affecting the economy and inflation"
• It's somewhere between that and comments on Oct 10 by Brainard, one of the more cautious members: "It will take time for the cumulative effect of tighter monetary policy to work through the economy broadly and to bring inflation down. In light of elevated global economic and financial uncertainty, moving forward deliberately and in a data-dependent manner will enable us to learn how economic activity, employment, and inflation are adjusting to cumulative tightening in order to inform our assessments of the path of the policy rate."