Comments from Powell in his opening statement

Powell July 28
  • The labor market has a ways to go
  • Household spending rising at an especially rapid pace
  • Special factors appear to be weighing on labor force participation but those should wane in coming months
  • Supply bottlenecks have been larger than anticipated
  • Inflation still expected to fall back to longer run goals
  • Housing remains strong and business investment rising at a solid pace
  • Inflation could turn out to be higher and more persistent than we expect
  • If we saw signs of material and consistent rises in medium-term inflation beyond target, we would respond
  • The timing of any taper will depend on incoming data and we will provide advance notice before any changes

The taper comments don't have the same strident qualifiers about 'still a ways off' or anything along those lines. Him saying 'advance' notice isn't as strong as previously.