- We will continue to closely monitor banking conditions, we will use all the tools needed
- We will also learn lessons from this episode
- Our lending programs are effectively meeting banks needs
- Without price stability the economy doesn't work for anyone
- Almost all on FOMC see growth risks weighted to the downside
- Labor demand still outstrips supply but we expect that to come into balance over time
- Inflation remains well above our longer run goal
- Consumer spending appears to have picked up this quarter, although some of that is weather related
- Longer term expectations appear well-anchored on various metrics
- Banking events will result in tighter credit conditions and that's why we removed the line about 'ongoing' tightening
- We will closely monitor incoming data, actual and expected effects of tighter credit conditions
Risk sentiment has worsened as Powell has spoken. The US dollar continues to fall alongside yields.
