Fed's Powell: We haven't made a decision yet on terminal rate

tweet at 2:38pm: Fed’s Powell: - Our Focus is on Sustained Changes to Broader Financial Conditions - We Are Not Yet at a Sufficiently Restrictive Level on Rates - We Will Take Into Account Financial Conditions and Other Conditions as We Set Policy tweet at 2:40pm: Fed’s Powell: - It is a Good Thing That Disinflation So Far Has Not Come at Expense of Labor Market - But This Disinflationary Process is in Early Stages - In Housing Services, We Expect Inflation to Continue Moving Up but Then Moving Down as New Leases Come in Lower tweet at 2:41pm: Fed’s Powell: - But in Core Services Ex Housing We Don't See Disinflation Yet - It is Gratifying to See Disinflationary Process Getting Under Way and Still Strong Labor Market Data - ECI and Avg Hourly Earnings Off of Highs, Still Fairly Elevated tweet at 2:42pm: FED'S POWELL: ECI AND AVERAGE HOURLY EARNINGS ARE DOWN FROM HIGHS BUT REMAIN FAIRLY ELEVATED. tweet at 2:42pm: Fed’s Powell: - Job Openings Numbers From JOLTS Report Has Been Quite Volatile Recently - JOLTS Number Is 'Probably An Important Indicator' - We See Wages Moving Down - By Many Many Indicators Job Market is Still Very Strong

tweet at 2:34pm: Fed’s Powell: - Labor Demand Substantially Exceeds Supply - Inflaiton 'Remains Well Above Our Longer-Run Goal' -Inflation Data Over Past 3 Months Show Welcome Reduction in Pace of Increases - Will Need Substantially More Evidence to Be Confident Inflation on Downward Path tweet at 2:35pm: Fed’s Powell: - Longer-term Inflation Expectations Remain Well Anchored - But That's Not Grounds for Complacency - Acutely Aware That High Inflation Imposes Hardships - We Are Highly Attentive of Risks Inflation Poses to Both Sides of Our Mandate tweet at 2:36pm: Fed's Powell: - In Light of Cumulative Tightening and Lags, Fed Continued Step-down From Last Year's Fast Pace - A Slower Pace Allows Us to Better Assess Progress Toward Our Goals - We Will Continue to Make Decisions Meeting by Meeting tweet at 2:37pm: Fed’s Powell: - Our Focus in on Using Our Tools to Bring Inflation Down - Reducing Inflation is Likely to Require Below Trend Growth, Some Softening in Labor Market - History Cautions Against Prematurely Loosening Policy tweet at 2:38pm: Fed’s Powell: - We Will Stay the Course Until Job is Done - We Will Do Everything We Can to Achieve Goals - Is Important Financial Conditions Continue to Reflect the Policy Restraint We've Put in Place - Our Focus is Not on Short-term Moves in Financial Conditions

tweet at 2:31pm: POWELL: FULL EFFECTS OF RAPID TIGHTENING YET TO BE FELT tweet at 2:31pm: Fed’s Powell: - We’ve Taken Forceful Actions Over Past Year - Full Effects yet to Be Felt - Have Covered a Lot of Ground, Full Effects yet to Be Felt - But We Have More Work to Do - Price Stability Is The Bedrock Of The Economy tweet at 2:32pm: Fed’s Powell: - We Continue to Anticipate Ongoing Increases Appropriate to Get to Sufficiently Restrictive Stance - We Will Likely Have to Maintain Restrictive Stance for Some Time - Economy Slowed Significantly Last Year - Consumer Spending Appears to Be Subdued tweet at 2:33pm: Fed’s Powell: - Housing Activity Continues to Weaken - Wage Growth is Elevated - Job Market Extremely Tight - Job Gains Have Been Robust - Labor Market Continues to Be Out of Balance - Pace of Job Gains Has Slowed and Nominal Wage Growth Too, but Labor Market Still Out of Balance tweet at 2:34pm: FED'S POWELL: LONGER-TERM INFLATION EXPECTATIONS REMAIN WELL ANCHORED - https://t.co/wXVagA44VK

tweet at 2:46pm: Fed’s Powell: - Disinflation Outside Of Core Serv. Ex-Hsng 'Credible' - Many Factors Driving Inflation - Until We See All Aspects of Inflation Coming Down, We Still Have a Lot of Work to Do - We Can Now Say for First Time That Disinflationary Process Has Started tweet at 2:48pm: Fed's Powell: - We See It in Goods Sector - But That's Around 1/4 of the PCE Price Index - We See Disinflation in the Pipeline for Housing - We Expect to See That Disinflation Process Will Be Seen Soon in the Core Services Ex Housing, but We Don't See It Yet tweet at 2:50pm: POWELL: WE'RE TALKING ABOUT A COUPLE MORE RATE HIKES TO GET TO APPROPRIATELY RESTRICTIVE STANCE tweet at 2:51pm: FED'S POWELL: ASKED IF FED POLICYMAKERS TALKED ABOUT A PAUSE, SAID WE SPENT A LOT OF TIME TALKING ABOUT PATH AHEAD - https://t.co/wXVagA44VK tweet at 2:52pm: FED'S POWELL: CONGRESS MUST RAISE DEBT CEILING - https://t.co/wXVagA44VK

tweet at 2:53pm: FED'S POWELL: POLICYMAKERS DID NOT SEE THIS AS A TIME TO PAUSE - https://t.co/wXVagA44VK tweet at 2:58pm: Fed's Powell: - But We Have Not Yet Decided Path Ahead - A Pause is Not Something the FOMC is on the Point of Deciding Right Now - 3-Month Core PCE Inflation Measure Are Quite Low Now tweet at 2:58pm: Fed's Powell: - My Own View is You Are Not Going to Have Sustainable Return to 2% in Core Ex Housing Sector Without Increased Labor Slack - Most Forecasters Would Say Unemployment Will Probably Rise a Bit tweet at 2:59pm: Fed's Powell: - See Path to Ease Inf. to 2% Without Big Economic Drop - Continue to Think There’s a Path to a Soft Landing - We Don’t yet See Weakening in the Labor Market - It May Well Be That It Will Take More Slowing in the Economy Than We Expect, but That's Not My Base Case tweet at 3:02pm: Fed's Powell: - My Own Assessment is That Positive Growth Will Continue but at Subdued Pace - That's My Forecast for This Year - But the Global Picture is Improving a Bit - Labor Market Also Remains Very, Very Strong - As Inflation Comes Down, Sentiment Will Improve

tweet at 3:03pm: Fed's Powell: - State and Local Governments Are Flush, So That Will Also Support - Lots of Spending Coming in Construction Pipeline - Those Factors Will Support Positive Growth This Yr - There Will Not Be a Light Switch Moment on When We Know Inflation is Sustainably Coming Down tweet at 3:04pm: FED'S POWELL: WE WILL ALSO BE LOOKING AT THE NEXT EMPLOYMENT COST INDEX REPORT, YESTERDAY'S WAS ENCOURAGING BECAUSE IT SHOWED WAGE GROWTH. tweet at 3:05pm: Fed's Powell: - Market Participants Have a Different Job Than the Fed - Strongly Resolved That We’ll Complete 2% Inflation Task - Goods Inflation Has Come Down Pretty Fast - Don’t Know if Further Inflation Slowing Will Be `Hard’ tweet at 3:06pm: FED'S POWELL Q&A: 'THIS IS NOT A STANDARD BUSINESS CYCLE;' 'IT'S UNIQUE;' 'CERTAINTY IS NOT APPROPRIATE;' TO BE CAUTIOUS; 'LONG WAY TO GO' #Powell #federalreserve tweet at 3:06pm: FED'S POWELL: OUR JOB IS TO DELIVER INFLATION BACK TO TARGET, WILL BE CAUTIOUS IN DECLARING VICTORY #News #Markets #POWELL #INFLATION #capitalhungry