Powell opening statement:
Without price stability, the economy doesn’t work for anyone
We’ve covered a lot of ground and the full effect of our tightening has yet to be felt
Still a strong pace of jobs growth
Labor demand still ‘substantially’ exceeds supply
The process of getting back to 2% inflation “still has a long ways to go”
Strongly committed to getting inflation back to target
We have been seeing the effects of our policy on demand, particularly in most rate-sensitive sectors. It will take time to be felt