Powell opening statement: The economy does not work for anyone without price stability

• We are moving our policy rate 'purposefully'
• US economy has slowed from 2021
• Price pressures evident across a broad range of goods and services
• Highly attentive to risks of 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
• Pace of rate hikes will continue to depend on incoming data and outlook
• At some point we will slow the pace of increases while we assess impact of prior hikes
• Decisions will be made meeting-by-meeting
• Restoring price stability will require holding rates at restrictive levels for 'some time'
• Historical record cautions against premature rate cuts
• The dot plot does not represent a plan or commitment
• We will keep at it until the job is done

The US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term has reversed the initial rally across the board with USD/JPY now below pre-FOMC levels. The tone wasn't quite as forceful as Jackson Hole but the reversal might also reflect the bid in lond-dated bonds.