Fed's Powell: Inflation is a little bit of a mystery

Fed Governor Powell on CNBC:

• The economy is strong, the labor market is very strong
• Inflation is "a little bit" below target, that gives us the ability to be patient
• It's too soon to make a decision on any specific meeting
• Fed has a balance sheet plan, will soon normalize monetary policy
• Assumes there will be some tax action next year, hard to speculate when it will be passed

This is the closest we will get to a comment on the economy. It underscores that the Fed is optimistic but won't hike unless it gets a good reason.