Powell opening statement: Looking ahead, we'll take a data dependent approach

• The US banking system is sound and resilient
• We're committed to learning the right lessons from banking rout
• We remain strongly committed to bringing inflation back down to 2% goal
• Looking ahead, we'll take a data dependent approach
• There are some signs that labor supply and demand are coming back into balance
• Nominal wage growth has shown some signs of easing and job ads are down
• But overall, demand far outweighs supply of labor
• The process of getting 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 back down to 2% has a long way to go
• It will take time for effects of rate hikes to have full effect, especially on inflation
• Economy likely to face pressure from tighter credit conditions
• The extent of effects of credit tightening remain uncertain
• Future policy actions will depend on how events unfold
• We are prepared to do more if warranted
• Reducing inflation is likely to require below-trend growth and some softening of jobs market

Powell has struck a hawkish tone so far and the dollar is reasserting itself.