Powell: We need to see growth moving down from the very high levels we saw last year

• Reports that there's broad support for having 50 bps on the table at the next two meetings
• Expresses uncertainty about the economy
• Financial conditions overall have tightened significantly
• We need the supply side to catch up
• We need to see growth moving down from the very high levels we saw last year, but still positive
• We need to see clear and convincing evidence that inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term pressures are abating
• If we don't see that, we'll have to consider moving more aggressively
• If we do see that happening, we could move at a slower pace
• The economy is strong and well-positioned to withstand tighter monetary policy
• Says they're watching China and effects of Ukraine war very closely
• We don't know where neutral is, we don't know where 'tight' is
• We will look at changes in the economy and financial conditions at each meeting
• We won't hesitate to go beyond neutral if needed. We'll go to the point where we can view inflation coming down
• Inflation is way to high and we're going to bring it down
• We're not setting policy on the assumption that the supply side will improve
• We'd still have a strong labor market if unemployment "moves up a few ticks"
• The economy doesn't work for anyone without price stability
• There could be some pain involved to restoring price stability
• We need to see inflation coming down in a convincing way, this is not a time for tremendously nuanced readings on inflation
• There is a real possibility that globalization will go into reverse to some extent
• There's an overwhelming need to get inflation under control

Risk assets have legged moderately lower and the US dollar is higher on his comments.