tweet at 2:47pm: POWELL: CHANCES OF A SOFT LANDING ALSO LIKELY TO DIMINISH TO THE EXTENT THAT POLICY NEEDS TO BE MORE RESTRICTIVE OR RESTRICTIVE FOR LONGER tweet at 2:49pm: FED'S POWELL: YOU WANT REAL RATES POSITIVE ACROSS THE YIELD CURVE FED'S POWELL: YOU WOULD SEE POSITIVE REAL RATES ACROSS YIELD CURVE IF WE WERE TO FOLLOW RATE PATH IMPLIED IN DOT PLOT tweet at 2:50pm: POWELL: THERE IS A FAIRLY LARGE GROUP THAT WOULD SEE 100 BPS BY YEAR END tweet at 2:50pm: FED'S POWELL: MEDIAN POLICYMAKER SEES 125 BPS HIKES BY YEAR END tweet at 2:52pm: FED'S POWELL: CORE PCE INFLATION READINGS ARE NOT WHERE WE EXPECTED OR WANTED TO BE FED'S POWELL: STILL DISCOVERING WHAT THE LEVEL IS THAT WE NEED TO GET TO

tweet at 2:42pm: FED'S POWELL: TO START CUTTING RATES, WE'D HAVE TO BE VERY CONFIDENT INFLATION MOVING BACK DOWN TO 2% FED'S POWELL: LIKELY TO TAKE SOME TIME TO SEE FULL EFFECTS OF CHANGING FINANCIAL CONDITIONS ON INFLATION tweet at 2:44pm: FED'S POWELL: WE'VE JUST MOVED INTO LOWEST LEVELS OF WHAT WE CONSIDER RESTRICTIVE TODAY FED'S POWELL: HAVE TODAY JUST MOVED TO 'VERY LOWEST' LEVEL OF RESTRICTIVE FED'S POWELL: THERE'S A WAYS TO GO ON RATES tweet at 2:45pm: FED'S POWELL: WE SEE CURRENT SITUATION AS OUTSIDE OF HISTORICAL NORMS FED'S POWELL: THAT'S WHY UNEMPLOYMENT RATE MAY NOT RISE AS MUCH AS IN PAST RECESSIONS FED'S POWELL: PLAUSIBLE THAT JOB OPENINGS COULD COME DOWN WITHOUT AS MUCH OF INCREASE IN UNEMPLOYMENT tweet at 2:45pm: FED'S POWELL: LONGER RUN INFLATION EXPECTATIONS THIS CYCLE HAVE REMAINED FAIRLY WELL ANCHORED FED'S POWELL: THAT WILL ALSO MAKE IT EASIER TO BRING INFLATION DOWN FED'S POWELL: PART OF INFLATION CAUSED BY SUPPLY SHOCKS tweet at 2:46pm: FED'S POWELL: COMMODITY PRICES LOOK LIKE THEY MAY HAVE PEAKED FED'S POWELL: IF SUPPLY SHOCKS ALSO ABATE, COULD ALSO EASE PRESSURES ON INFLATION FED'S POWELL: RESTORING PRICE STABILITY WHILE ACHIEVING SOFT LANDING IS CHALLENGING

tweet at 2:37pm: *POWELL: HISTORICAL RECORD CAUTIONS AGAINST PREMATURE RATE CUTS tweet at 2:38pm: FED'S POWELL: DOT PLOT PROJECTIONS DO NOT REPRESENT PLAN OR COMMITMENT FED'S POWELL: WE ARE TAKING FORCEFUL, RAPID STEPS FED'S POWELL: REDUCING INFLATION IS LIKELY TO REQUIRE A SUSTAINED PERIOD OF BELOW TREND GROWTH tweet at 2:38pm: FED'S POWELL: WE WILL KEEP AT IT UNTIL CONFIDENT THE JOB IS DONE ON INFLATION FED'S POWELL: WILL DO EVERYTHING WE CAN TO ACHIEVE FED'S GOALS tweet at 2:39pm: FED'S POWELL: TO DO THAT, WE THINK WE'LL NEED SOFTENING IN LABOR MARKET, BELOW TREND ECONOMIC GROWTH FED'S POWELL: SO FAR ONLY MODEST EVIDENCE LABOR MARKET COOLING OFF tweet at 2:40pm: Fed's Powell Says His Main Message ‘Has Not Changed Since Jackson Hole’ #FOMC $DXY $USD

tweet at 3:10pm: POWELL: IN HOUSING MARKET, WE HAVE TO GO THROUGH A CORRECTION TO GET BACK TO NORMAL PRICE GROWTH tweet at 3:11pm: FED'S POWELL: SHELTER COSTS ARE GOING TO STAY HIGH FOR SOME TIME FED'S POWELL: ON SHELTER INFLATION, HAVE TO ASSUME IT WILL STAY PRETTY HIGH FOR A WHILE tweet at 3:12pm: FED'S POWELL: LIKELY RATES WILL GET TO LEVELS IN THE SEP FED'S POWELL: PATH THAT WE EXECUTE WILL BE ENOUGH TO RESTORE PRICE STABILITY FED'S POWELL: WE'VE WRITTEN DOWN PLAUSIBLE PATH FOR FED FUNDS RATE, AND ACTUAL PATH WILL BE ENOUGH TO BRING DOWN INFLATION