Inflation has come down quite a bit and we’re close to maximum employment
Data has been solid, right through today’s jobs report
What we’ve learned is that tariffs are higher than almost anyone expected but we don’t know where that comes to rest
People expect us to tell the truth, and that’s what we intend to do
We’re not responsible for trade, immigration or fiscal policy
A year from now should be much lower as impact of Trump policies becomes clearer
The two goals of the dual mandate may be in tension, but we’re not in a situation like the 1970s
It feels like we don’t need to be in a hurry
I fully intend to serve all of my term
We are hearing from a lot of people waiting for clarity, I don’t know when that will come
Uncertainty will decline

Powell seems to be under the illusion that there is going to be clarity on Trump policies. I don’t think that’s the case as Trump will retain the ability to threaten and implement tariffs throughout his term. We would all like to hear a clear set of policies so we can make investments but I don’t think it’s coming.

Overall, Powell isn’t giving much away here as he faces some very tough choices.

Fed Chairman: “it doesn’t seem like we need to be in a hurry”

Reporter: “really?”

Powell: “yes”

US 2-year yields have climbed during this speech and are at 3.61%.