Governor Christopher Waller echoed Powell’s view in a talk at the Economic Club of New York earlier this week:

"It is appropriate to point out that a month or two of data does not necessarily indicate a trend, and there are good reasons to think that progress on inflation will be uneven but likely to continue down toward 2 percent. At the same time, monetary policy is data driven, and I do want to take it into account when formulating my economic outlook. While I don’t want to over-react to two months of data, I do think it is appropriate to react to it."

READ MORE: Inflation Remained Elevated in February