October consumer price index data is a welcome relief, but there is still a long way to go, - Logan of the Fed

It may soon be appropriate to slow the pace of rate hikes.

The Fed will gradually prepare for a reversal. But the U.S. economy has already begun to cool a bit. Unemployment is up and inflation is falling and will likely continue to fall as real wages have fallen for 19 consecutive months.

The housing price index is also down, so with some time lag it will be reflected in prices.