Fed's Collins says reaching 2% inflation may take longer than expected; policy is moderately restrictive and appropriate for the risks; rates should be held until confidence grows; full impact of restrictive policy may not yet be seen; uncertainty is high, reinforcing the need for the Fed to remain patient; there is a need to slow U.S. economic growth so inflation is on a path toward 2% above the path of retreat; inflation has not been seen retreating since 2024; demand is expected to slow eventually, but there is uncertainty about the timing.