1. The Fed keeps the FFR at 5.5%
2. Powell: “We remain strongly committed to bringing inflation to our 2% goal.”
3. Powell: “The stance of policy is restrictive.”
4. Powell: “The committee is proceeding carefully.”
5. Powell: “The process of getting inflation sustainably down to 2% has a long way to go.”
6. Powell: “Our restrictive stance of monetary policy is putting downward pressure on economic activity and inflation.”
7. Powell: “Evidence of growth persistently above potential or that tightness in the labor market is no longer
   easing could put further progress on inflation at risk and could warrant further tightening of monetary policy.”
8. Powell: “Higher treasury yields are showing through to higher borrowing costs for house holds and businesses
   and those higher costs are going to weigh on economic activity.”
9. Reporter: "You are not yet confident that financial conditions are restrictive enough to finish the fight?”
   Powell: “Yes, that is exactly right.”
10. Powell: “It would be hard to see how you would do that (put recession back in the forecast) if you look at the
    activity we have seen recently, which is not indicative of a recession in the near term.”
11. Reporter: “What makes you confident that tighter financial conditions will slow above trend growth when
    500bps of rate hikes, QT, and and a minor banking crisis have not.”
    Powell: “That is the way our policy works, and sometimes it works with lags that can be long and variable.”

12, Powell: “The committee is not thinking about rate cuts at all.”

13. Powell:” Everyone has been very gratified to see that we have been able to achieve pretty significant
    progress on inflation without seeing the kind of increase in unemployment that has typical of rate hiking
    cycles like this one.”
14. Powell: “The committee is not considering changing the pace of balance sheet runoff.”
15. Powell: “If we fail to restore price stability, the risk is that expectations of higher inflation get entrenched in
    the economy and we know that is really bad for people. Inflation would be both higher and more volatile.
    That is a prescription of misery.”