Powell’s prepared text released and notes that FOMC participants expect further rate hikes by year-end
Process of getting inflation back to 2% “has a long way to go”
Nearly all FOMC participants expect it will be appropriate to raise rates somewhat further by year end
Seeing some effects of tightening but it will take time to see full effects
Labor market remains very tight but nominal wage growth showing signs of easing, job vacancies have declined
Longer-term inflation expectations appear to remain well anchored
Tighter credit likely to weight on economic activity but extent remains uncertain
We will continue to make our decisions meeting by meeting
Reducing inflation is likely to require a period of below-trend growth