Powell: Don't see case for meaningfully restrictive policy; Every supply shock can drive up inflation, unemployment

Fed's Powell: I don't see the labor market as a source of inflation POWELL: PEOPLE NOT SAYING WE NEED TO HIKE NOW FED CHAIR POWELL: WE DO NOT WANT TO CONFUSE MARKETS REGARDING OUR REACTION FUNCTION, ADDING THAT IT'S A WORTHWHILE DEBATE TO BE HAVING — WITH A SOUND ARGUMENT ON THE OPPOSING SIDE AS WELL. FED CHAIR POWELL: CONCERN OVER MONETARY POLICY CREDIBILITY IS NOT WHAT'S DRIVING MY DECISION TO REMAIN IN ROLE, ADDING THAT WARSH POSSESSES THE SKILLS TO PERFORM WELL. POWELL: I WOULD NEVER BE A SHADOW CHAIR POWELL: I WILL BE A GOVERNOR POWELL: I RESPECT THE ROLE OF CHAIR

*POWELL: PROSPECTS OF CORE INFLATION RISING ARE REAL *POWELL: POLICY STANCE IN A VERY GOOD PLACE Powell: The labor market shows more signs of stabilizing while inflation is 'kind of misbehaving' pic.twitter.com/tmvno3QAyv FED CHAIR POWELL: WE ARE NOW AT THE HIGH END OF NEUTRAL — SLIGHTLY RESTRICTIVE — WHICH IS PRECISELY THE RIGHT PLACE TO BE, ALLOWING US TO WAIT AND OBSERVE HOW THINGS UNFOLD BEFORE TAKING ACTION. FED CHAIR POWELL: WE BELIEVE THE POLICY RATE IS IN A GOOD PLACE — WELL POSITIONED TO MOVE IN EITHER DIRECTION; IF A HIKE BECOMES NECESSARY, WE WILL SIGNAL AND DELIVER IT, AND THE SAME APPLIES IF A CUT IS WARRANTED. POWELL: OIL EFFECTS ON U.S. LESS THAN ON EUROPE, ASIA POWELL: IF THIS GOES ON FOR MUCH LONGER WILL FEEL IT MUCH MORE

FED'S POWELL: INFLATION ELEVATED, IN PART REFLECTING ENERGY PRICE INCREASE POWELL: CURRENT POLICY STANCE APPROPRIATE POWELL: MIDDLE EAST EVENTS CONTRIBUTES TO UNCERTAINTY POWELL: NEAR-TERM INFLATION EXPECATIONS HAVE RISEN *POWELL: HOUSING SECTOR HAS REMAINED WEAK *POWELL: LABOR DEMAND HAS CLEARLY SOFTENED AS WELL *POWELL: PART OF SLOWER JOB GROWTH REFLECTS LOWER IMMIGRATION *POWELL: IN NEAR TERM, HIGHER ENERGY PRICES WILL BOOST INFLATION