- We will not achieve a sustained strong labor without price stability
- We will likely need a restrictive stance of policy for some time
- Price stability is the bedrock of our economy
- US economy has slowed significantly from last year
- Recent data indicates modest growth this quarter
- Activity in housing has weakened
- Jobs market is still extremely tight
- Inflation is still well-above our goal
- Financial conditions have tightened significantly and we are seeing the effects but it will take time for full effects to be realized
- At some point, it will become appropriate to slow the pace of rate increases
- There is 'significantly uncertainty'
- Incoming data suggests the ultimate level of rates will be higher than previously anticipated
- We will stay the course until the job is done
The US dollar hit fresh lows for the day on Powell's early comments but reversed when he said that the ultimate level of rates will be higher than previously anticipated. That puts +5% rates back on the table.