As inflation moves towards the target, we shouldn't need interest rates to be as restrictive as they are, because they will have done their work and we're getting there.
In terms of how we think about it, as I've stressed a number of times, there are lags in the effects of monetary policy. What we do now affects the economy over the next year and a half. We don't want to wait until inflation is all the way back to 2% before we start cutting interest rates, because if we did that, we would overshoot. We'd go below 2% inflation. We'd cool the economy more than we have to.
Yes, you do want to start lowering interest rates before you're all the way back, but you don't want to lower them until you're convinced and you're assured that you're really on a path to get there. That's where we are right now. We're looking for that assurance. It's working. We don't think we need to raise rates further, but we need to let it work until we see that assurance.