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Chair Powell Says We Still Have Some Ways To Go On Rates, Points To Higher Terminal Rate

FED
  • Powell: Recent inflation data again have come in higher than expected. Price pressures evident across a broad range of goods and services. Despite elevated inflation, longer-term inflation expectations remain well-anchored. That is not grounds for complacency.
  • We are highly attentive to the risks that high inflation poses to both sides of our mandate. We're strongly committed to returning inflation to our 2% objective.
  • Financial conditions have tightened significantly in response to our policy actions. We are seeing the effects on demand in the most interest rate sensitive sectors of the economy. It will take time for effects to be realized, especially on inflation. In determining the pace of future increases in the target range, we will take into account the cumulative tightening of monetary policy and the lags with which it effects economic activity and inflation.
  • We still have some ways to go on rates.
  • The ultimate level of interest rates is higher than previously expected.
  • Powell clearly pointing to a higher terminal rate.
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