Fed's Powell: Upward revision in growth projections is productivity

FED'S POWELL: THE VAST MAJORITY OF PARTICIPANTS DON'T SEE A HIKE AS A BASE CASE. ... Fed's Powell: At this meeting, a number of people mentioned that short-term inflation expectations rose. Fed's Powell: Growth upgrade likely due to growing confidence in productivity. Fed's Powell: Stagflation of the 1970s is not the case right now. Fed's Powell: We will learn a lot before the next meeting.

FED'S POWELL: I HAVE NO INTENTION OF LEAVING THE FED BOARD UNTIL THE DOJ PROBE IS OVER. FED'S POWELL: IF NO FED CHAIR IS CONFIRMED BY THE END OF MY TERM, I WOULD SERVE AS CHAIR PRO TEM. - FINANCIALJUICE ... *POWELL: LABOR MARKET DOES HAVE A FEEL OF DOWNSIDE RISK *POWELL: A GOOD NUMBER ARE CONCERNED ABOUT LOW JOB CREATION Fed's Powell: A zero employment growth equilibrium is balanced, but it has the feel of a downside risk. *POWELL: THIS ENERGY SUPPLY SHOCK IS A ONE-TIME THING FED'S POWELL: NOT LEAVING BOARD UNTIL DOJ PROBE IS "WELL AND TRULY OVER"; NO DECISION YET ON STAYING IF PROBE CONCLUDES; WILL DO WHAT'S BEST FOR FED AND THE PEOPLE WE SERVE ...

Fed's Powell: We're very strongly committed to keeping inflation expectations anchored at 2%. *POWELL: FED IS IN DIFFICULT SITUATION, NEEDS TO BALANCE RISKS POWELL: WHERE POLICY IS NOW IS THE RIGHT PLACE TO BE Fed's Powell: We don't want too restrictive a policy because of downside labor market risks. Fed's Powell: It is frustrating that non-housing services inflation hasn't come down.