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- 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 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.