Fed's Powell: Financial Conditions Have Mostly Been Unchanged Since December; It's Important Markets Do Reflect Tightening We Are Putting in Place

tweet at 3:07pm: Fed’s Powell: According To Current Outlook, Will Not Be Appropriate For Rate Cuts This Year $DXY $USD #FOMC tweet at 3:08pm: FED'S POWELL: MARKETS EXPECT INFLATION TO COME DOWN QUICKER THAN WE DO. tweet at 3:08pm: Fed's Powell: - We See Continued Subdued Growth, No Recession, Inflation Coming Down Slowly - We Have a Different Forecast From Markets - I Don't See Us Cutting Rates if Our Outlook Comes True; if Inflation Comes Down Faster Than We Expect That Will Play Into Our Policy Decisions tweet at 3:11pm: Fed's Powell: - I Don't See Signs of a Wage Price Spiral - Agree With Brainard That No Wage-Price Spiral Seen - But Once You See It, It's Too Late - We Cannot Allow That to Happen - More Disinflation Could Give a Boost to Economic Activity tweet at 3:13pm: Fed's Powell: - Once Inflation Easing, Should See Cons. Sentiment Boost - Very Reasssuring That Short and Long Term Expectations Are So Well Anchored, That's Helpful to Getting Inflation Back Down - We Monitor Financial Conditions Carefully

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

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