Fed Chair Powell: There is broad support on FOMC for having 50bps hikes on the table for next two meetings; That is short of a prediction, though - WSJ event comments
- If economy performs as we expect, then 50bps hikes will be on the table
- We know this is a time for the Fed to be tightly focused on getting inflation back down to 2%; Ongoing rate increases are appropriate
- We need to see growth moving down from high levels; We need supply side to have chance to catch up
- Financial conditions have tightened quite a bit
- It's very difficult to think about giving forward guidance
- We have the tools and resolve to get inflation down
- We need to see inflation coming down 'in a clear and convincing way'; If we do not see that, we'll have to move more aggressively; If we see inflation coming down, can slow pace of hikes
- Monetary policy like to work through expectations; Markets are pricing in a series of rate hikes
- By standards of central bank practice, we're moving as fast as we have in several decades
- Underlying strength of the US economy is really good right now; Labor market remains extremely strong
- No one should doubt Fed's resolve
- We are raising expeditiously to a more normal level, Will reach it in Q4
- We don't know where neutral is or where tight is; Will be looking meeting by meeting and data point by data point about what's happening in the economy
- We will continue raising rates until we see inflation coming down; There will be no hesitation about that