Powell tank
  • Recent indicators suggest that private fixed investment may be moderating but consumer spending remains strong
  • Our commitment to restoring price stability is unconditional
  • Real GDP appears on track to rise moderately in the second quarter
  • Further risks to global supply chains abound
  • Some measures of wage growth appear to have moderated
  • Some signs of easing the labor market have appeared
  • High inflation, supply chain disrutpions and the Ukraine war remain substantial sources of uncertainty with the potential to add stress to the system

Powell made the same comment about investment and consumer spending in the press conference. Many are skeptical of the ability of consumer spending to hold up with high inflation , rising rates, stock market declines and plunging consumer confidence.