Powell moses
  • Fed is 'strongly committed' to bring inflation down
  • Pace of future hikes will depend on data
  • Available data for May suggest core inflation likely held at April's 4.9% annual pace or eased slightly
  • Inflation aggravated by longer-lasting supply chain constraints , Ukraine war, China lockdowns likely to exacerbate further
  • Recent data suggest real GDP picked up in the current quarter, consumer spending remains strong
  • Housing sector appears to be softening
  • Labor demand is 'very strong' while supply remains subdued
  • Financial conditions have tightenened significantly
  • Inflation has obviously surprised to the upside and further surprises could be in store, Fed will need to be nimble
  • Cites 'rapidly evolving economic environment' as a challenge, says Fed will need to be nimble

This is similar to his press conference from last week, I don't see anything that hints at a shift in policy in any direction. The Q&A will start shortly and last for at least 90 minutes.