Fed's Powell: We would have expected faster progress on inflation by now

tweet at 2:48pm: Fed's Powell: 4.7% Unemployment Rate is Still a Strong Labor Market Fed's Powell: Firms Want to Hold on to Workers as It's Been Hard to Hire Fed's Powell: Generally Companies Want to Hold on to the Workers They Have tweet at 2:48pm: Fed's Powell: Don't Think Sep Projections Qualify as Projecting a Recession Fed's Powell: But Economy Will Have Very Slow Growth Fed's Powell: Natural Rate Of Unemployment Is Elevated At The Moment tweet at 2:50pm: Powell: Appropriate thing to do is slow pace of hikes, will allow us to 'feel our way' tweet at 2:51pm: Fed's Powell: Also Will Allow Us to Better Balance Risks Fed's Powell: Haven't Made Judgment On Size Of Rate Hike At Feb FOMC Fed's Powell: I Can't Tell You Today What Size of Rate Hike Will Be Next Fed's Powell: Sep Reflects Data That Comes Out During the Meeting tweet at 2:53pm: POWELL: IT APPEARS THAT WE HAVE A STRUCTURAL LABOUR SHORTAGE.

tweet at 2:42pm: Fed's Powell: Can't Tell You We Won't Move Up Estimate of Peak Rate at a Future Meeting Fed's Powell: If Data Comes in Worse, Peak Could Move Up but Could Also Move Down if Inflation Data is Soft tweet at 2:44pm: FED'S POWELL: EARLIER THIS YEAR, IT WAS CRITICAL TO MOVE RATES QUICKLY, NOW, IT IS LESS IMPORTANT HOW QUICKLY WE MOVE. tweet at 2:44pm: Fed's Powell: How High to Raise Rates Will Depend on Inflation, Financial Conditions, and Assessing if Policy is Restrictive Enough Fed's Powell: At a Certain Point Policy Will Be Restrictive Enough tweet at 2:46pm: FED'S POWELL: EXPECT HOUSING INFLATION TO FALL SOMETIME NEXT YEAR. tweet at 2:46pm: Fed's Powell: Vacancies Are Still Quite Elevated Fed's Powell: Non-Housing Related Services Inflation Will Take a Substantial Period to Get Down Fed's Powell: Expectation Services Inflation Will Not Move Down Quickly, So We'll Have to Raise Rates Higher

tweet at 2:38pm: Fed's Powell: 50 Bps Still a Historically Large Hike; Still Some Ways to Go Fed's Powell: Our Projections Are Not a Plan; No Certainty on Economy Fed's Powell: Our Decisions Will Depend in Incoming Data in Its Totality tweet at 2:40pm: Fed's Powell: Fed Taking Forceful Steps To Moderate Demand Fed's Powell: We Will Continue to Make Decisions Meeting by Meeting Fed's Powell: We Are Taking Forceful Steps Fed's Powell: Historical Record Cautions Strongly Against Premature Loosening tweet at 2:40pm: Fed's Powell: Restoring Price Stability Essential For Max Employment Fed's Powell: We Still Stay the Course to Get Job Done Fed's Powell: Fed To Do All It Can To Achieve Dual-Mandate Goals tweet at 2:41pm: FED'S POWELL: THE FOCUS IS NOT ON SHORT-TERM CHANGES IN FINANCIAL CONDITIONS, BUT ON LONG-TERM TRENDS. tweet at 2:42pm: FED'S POWELL: WE HAVE NOT YET REACHED A SUFFICIENTLY RESTRICTIVE POLICY STANCE.

tweet at 2:58pm: FED'S POWELL: I DON'T SEE US CONSIDERING RATE CUTS UNTIL WE ARE CONFIDENT THAT INFLATION IS DECLINING IN A SUSTAINED MANNER. tweet at 3:00pm: Powell says China faces a challenge in reopening its economy, but 'shouldn't have material impact on US' through supply chain pressures tweet at 3:01pm: Fed's Powell: Data We Have Received So Far on Inflation for Oct and Nov Do Show Welcome Reduction in Price Pressures; Need Substantially More Evidence Though to Be Confident Inflation Coming Down Fed's Powell: That Recent Data Gives Us Greater Confidence in Our Forecasts tweet at 3:01pm: Fed's Powell: We Have a Ways to Go on Core Services Ex Housing Fed's Powell: Inflation in Non-Housing Services is Fundamentally About the Labor Market and Wages Fed's Powell: See Little Progress in Average Hourly Earnings Coming Down

tweet at 3:03pm: Fed's Powell: Our Policy is Getting Close to Sufficiently Restrictive Fed's Powell: My and Colleagues View is We'll Have to Hold Policy at Restrictive Level for a Sustained Period tweet at 3:05pm: Fed's Powell: Have a Long Ways to Go to Get Back to Price Stability Fed's Powell: No One Knows if We Are Going to Have a Recession or Not Fed's Powell: if Lower Inflation Reports Continue That Would Increase Likelihood of Significantly Less of an Increase in Unemployment tweet at 3:06pm: Fed's Powell: Largest Pain Would Come From Failure to Raise Rates High Enough Fed's Powell: I Wish There Were a Painless Way to Restore Price Stability; There Isn't Fed's Powell: I Believe We Will Get Inflation Under Control tweet at 3:10pm: Powell: Fed Isn’t Considering Changing Inflation Goal $DXY $USD #FOMC tweet at 3:11pm: FED'S POWELL Q&A: RE WHETHER STAGFLATION POSSIBLE, NOT GOING TO GET INTO TOO MANY HYPOTHETICALS; STILL 'MISSING BY A LOT' ON INFLATION #Powell #FOMC #federalreserve

tweet at 3:11pm: Fed's Powell: Right Now at or Above Maximum Employment Fed's Powell: On Stagflation, 'It's Hard To Deal With Hypotheticals' Fed's Powell: We Are Missing on the Inflation Side by Alot Fed's Powell: Right Now Focus is on Getting Inflation Down tweet at 3:16pm: Fed's Powell: FOMC Hasn't Discussed Sort Of Recession It Will Accept Fed's Powell: I Wouldn't See Cutting Rates Until Confident Inflation is Moving Down in a Sustained Way