Earlier from Kansas City Federal Reserve Bank President Jeffrey Schmid:

Fed's Schmid says inflation is still too high, Fed has more work to do

Q&A now:

  • I don't think we should have slowed the balance sheet runoff
  • Whatever we don't run off on the balance sheet we should reinvest in short-term treasury debt
  • We need room on the Fed's balance sheet, which is a monetary tool
  • Productivity growth can moderate inflation, in the long run can help get to 2% inflation
  • US dollar continues to be king
  • The them of this year's Jackson Hole summit will be 'The transmission of monetary policy'

That post earlier, linked above, is basically Schmid parroting the current Fed view of holding rates higher for longer.

Powell markets 4

Thats the script written by Powell.