Fed's Brainard: Inflation is much too high & subject to upside risks but will move down by year end

• I am carefully monitoring rotation from demand for goods back to services and whether that occurs without sparking inflation
• Expects balance sheet to shrink significantly faster than the last cycle
• Most low wage workers have seen wage growth that exceeds avg inflation
• War and covid lockdowns in China likely to extend supply chain bottlenecks and hurt growth
• After policy is more neutral, extent of additional tightening depends on the evolving outlook
• Fed will tighten 'methodically' through a series of rate hikes

Another Fed Speaks Fed's Daly: We'll be able to get inflation moving down by year-end.