Powell: "It Is Not Time Yet" To Discuss Taper

Powell sticking pretty tightly to the usual messages there - one could be forgiven for stopping listening after he opened the Q&A with an emphatic "no, it is not time yet" to taper. (Certainly if you were looking for a hawkish tilt to the presser, that was the moment you knew it wouldn't be).

• Overall we learned little new vs messaging since the March FOMC, though some useful if predictable comments on what he meant by "a string" of strong data ("I can tell you what it's not, it's not one really good employment reading which is what we got in March"), and maybe a little more elaboration on "bottlenecks" and other near-term inflation considerations.
• Powell didn't change the "some time" language in describing the horizon to "substantial further progress".
• On not adjusting IOER: "The federal funds rate has been well within target range and money market conditions are fine. We have the ability to use our administrative tools to make sure that that remains the case. We do expect further downward pressure on rates through asset purchases and also the runoff in the treasury general account. But at this point, we didn't see a need to deploy our tools to support rates. Of course, we will do so if the need does arise."