Powell opening statement: We have more work to do

• Without price stability, there is no sustained strong jobs market
• US economy has slowed significantly from last year
• We've covered a lot of ground, full effects of tightening yet to be felt
• Higher rates appear to be weighing on business investment
• Labor market remains extremely tight
• 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 long run goal of 2%
• It will take 'substantially more evidence' to give confident that inflation is on a sustainable downward path
• Participants still see inflation risks as to the upside
• Stable inflation expectations aren't grounds for complacency
• We are seeing the effects of higher rates in the most-sensitive areas like housing
• We still have "some ways to go" on rates
• We will stay the course until the job is done
• Historical precedence argues against loosening prematurely

Key line:

"The inflation data in October and November show a welcome reduction. But it will take substantially more evidence to give confidence that inflation is on a sustained downward path."

That and "we still have some ways to go" aren't quite the downshift that many were hoping for.