Fed's Powell: In housing market, we have to go through a correction to get back to normal price growth

tweet at 2:52pm: FED'S POWELL: IN SPITE OF MODEST SUPPLY-SIDE HEALING, INFLATION HAS NOT DECREASED. tweet at 2:54pm: FED'S POWELL: IF YOU LOOK AT THIS YEAR'S INFLATION, SEE INFLATION IS RUNNING TOO HIGH FED'S POWELL: YOU DON'T NEED TO KNOW MUCH MORE THAN THAT, IS WHAT GUIDES THIS COMMITTEE tweet at 2:55pm: FED'S POWELL: I DON'T ANTICIPATE THINKING ABOUT MBS SALES IN THE FORESEEABLE FUTURE. tweet at 3:03pm: Fed's Chairman Powell: -I do not know what the odds are of a recession but we need to bring inflation down. - There is no painless solution to reduce it tweet at 3:05pm: FED'S POWELL: THINK OF PRICE STABILITY AS AN ASSET THAT DELIVERS BENEFITS TO THE PUBLIC FED'S POWELL: DELAY IN GETTING INFLATION DOWN WOULD ONLY LEAD TO MORE PAIN

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