Powell answers questions

  • Says no decision will be made in the short-term
  • Says it's worked well
  • Wants balance sheet to be mostly Treasuries in the long term
  • Intention is for balance sheet to be no longer than it needs to be
  • Doesn't see a large risk of recession at this point
  • Says he has 'little inclination' to change parameters of balance sheet rolloff

The questions so far haven't been on the economy or inflation, at least directly.

More:

  • Incoming data suggests a strengthening of the economy
  • Data has added confidence to my view inflation is moving towards target
  • My outlook for the economy has strengthened since December
  • Inflation shortfalls are temporary

Powell said he wouldn't want to prejudge Fed rate path but he outlined 4-5 reasons why things are better (and no negatives).