The relaxed track hasn't changed, it just needs to stop at a few more stations before arriving.

A UBS research report says the Federal Reserve is still on a path of further easing. Powell has played down the necessity of tightening brought about by rising energy prices, emphasizing that when inflation expectations are under control, policy often overlooks oil price shocks. Even though core inflation still needs to keep falling further before easing can be achieved, a 50 basis point rate cut is expected within the year. Since government bond yields are higher than the level before the conflict, there is still plenty of room to move; the year-end targets for the 2-year and 10-year government bond yields are 3.25% and 3.75%, respectively. Source: Jin10.