Ethan Harris Keeps Quotations

We're not going to be in a recession if the economy reverses quickly. But if the war keeps going on, recession is a major risk.

Clearly, Corporate America is still in hunker-down mode, reluctant to increase budgets for equipment and slow about increasing employment, ... That puts a weight around the neck of the recovery and keeps it at a moderate pace.

They keep fiddling with the language, and the general tone of the directive keeps getting a little less dovish. Being 'patient' sounds a little less like they're keeping rates on hold than a 'considerable period' -- though you'd need to study a dictionary closely to figure that out.