The Fed’s mandates are full employment, price stability, and low long term rates. And along with who knows what, he has to be seeing these charts:

New jobs down for the winter, up some, then back down for several months:

Not forget purchase mortgage applications are down 12% vs last year, and now cash purchases are down as well, as housing contributes less than half of what’s it’s contributed in prior cycles.

And the rest of the world economy is decelerating as well.