Powell Q&A: The ultimate top in rates is 'very uncertain'

• We've moved 3.75 percentage points since March
• We're saying we will hike to a level that's sufficiently restrictive to tame 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 over time
• We think there's some ground to cover, and cover it we will
• The ultimate top is 'very uncertain' but CPI and labor data suggests to me it will be higher than previously throught
• The time to slow the pace of hikes could be at the next meeting or the one after that. It will be discussed at the next meeting
• I'm pleased we've moved as fast as we have.
• I don't think we've overtightened
• We had a discussion at this meeting about slowing rate hikes
• Long term inflation expectations have moved back down
• We don't have a clearly-identified way of knowing when inflation becomes entrenched
• We don't have a lot of data on how quickly rate hikes hit an economy in a modern economy
• If we were to over-tighten, we could use our tools to support the economy
• "We have a ways to go" on rates
• New leases show that at some point will come down but we're 'well away' from that point
• We know that at some point you'll see rents coming down

The comment that "we have a ways to go" on rates is different (at least for me) then "some ground to cover". The line "some ground to cover" was likely scripted because he said it a couple times at the start. But then he dropped "we have a ways to go" and that kicked off a fresh reversal in the dollar right back to pre-FOMC levels.

The terminal rate was at 5.03% before the FOMC then fell to 4.93% on the statement but now it's up to 5.07%.