Powell opening statement: We have more work to do

• We have covered a lot of ground over the past year
• Full effects of hikes have yet to be felt
• Housing activity continues to weaken
• Consumer spending appears to be subdued
• Fed will likely have to maintain restrictive stance for some time
• The jobs market remains extremely tight
• Pace of jobs gains has slowed and nominal wage growth too, but labor market is out of balance
• Inflation in last three months show a welcome reduction in the pace of increases
• We will need 'substantially more evidence' to be confident that 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 is on a downward path
• Long term inflation expectations remain well anchored but the longer inflation remains high, the more likely it is to remain entrenched
• Fed highly attentive to risks from inflation
• The historical record cautions strongly against premature easing

This is hawkish stuff but I think the market built a lot of that in ahead of time.