powell airplane pilot meme
  • 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 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.