@StickyRice:Federal Reserve needs several months of lower inflation to pull back, Brainard says"It may take some time" for the full effect of tighter financial conditions to work their way through the economy, said Federal Reserve Vice Chair Lael Brainard said Wednesday at The Clearing House and Bank Policy Institute Annual Conference in New York. Eventually, "the disinflationary process here at home should be reinforced by weaker demand and tightening in many other countries," she added.While inflation has eased some in July, don't expect the central bank to ease up on its tightening soon. "It will be necessary to see several months of low monthly inflation readings to be confident that inflation is moving back down to 2%," Brainard said.Of course, there are risks to the Fed's path. The quick tighten