Powell QA
  • Economy has been 'remarkable'
  • US economy may be structurally more-resilient to higher rates but I don't see evidence yet
  • It's hard to draw a 'direct line' from things like higher bond yields to a monetary policy response
  • The Fed is "not going to ignore" a significant bond tightening, but do not have to make a decision now
  • There are many candidate explanations for higher bond rates, says there are 5-6 good ones
  • We won't ignore higher yields but don't have to make a decision now
  • The bigger mistake is not getting rates high enough
  • r-star is not a particularly useful way to think about policy

There wasn't anything said in the Q&A that moved the market.