Powell Sticks To Last Week's Script, Q&A Eyed Later

Market reaction was limited as Powell's prepared remarks before the House Financial Services Commitee (session starts 1000ET) are taken almost verbatim from his prepared comments to open last week's FOMC meeting press conference. So as per our preview, no surprises here, repeating pretty much word for word:

• On the dual mandate: "The labor market remains very tight", "inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go", "It will take time... for the full effects of monetary restraint to be realized, especially on inflation."
• On rates: "Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year" but last week "we judged it prudent to hold the target range steady to allow the Committee to assess additional information and its implications for monetary policy...We will continue to make our decisions meeting by meeting, based on the totality of incoming data and their implications for the outlook for economic activity and inflation, as well as the balance of risks."
• On banks: "The U.S. banking system is sound and resilient."