Fed's Powell
- picture mixed in answer to asset bubble question
- leverage in financial system is moderate
- some asset prices are elevated by some measures
- Fed expects inflation to move up but don't expect that to be persistent or high
- inflation dynamics don't intend to change overnight
- economy still has a great deal of slack
- Fed guidance tells markets clearly when we will taper bond buys and raise rates
- We have tools to deal with unwanted higher inflation