Powell opening statement: Inflation remains too high

• We will continue to closely monitor banking conditions, we will use all the tools needed
• We will also learn lessons from this episode
• Our lending programs are effectively meeting banks needs
• Without price stability the economy doesn't work for anyone
• Almost all on FOMC see growth risks weighted to the downside
• Labor demand still outstrips supply but we expect that to come into balance over time
• 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 remains well above our longer run goal
• Consumer spending appears to have picked up this quarter, although some of that is weather related
• Longer term expectations appear well-anchored on various metrics
• Banking events will result in tighter credit conditions and that's why we removed the line about 'ongoing' tightening
• We will closely monitor incoming data, actual and expected effects of tighter credit conditions

Risk sentiment has worsened as Powell has spoken. The US dollar continues to fall alongside yields.