Jay Powell reaffirmed the Fed’s emerging plan to start scaling back its stimulus policies this year, and in considerable detail, he elaborated on his expectations for receding inflation and the mistakes of overreacting to a temporary price surge wsj.com/articles/powel…
Here's the chart that's worth quite a few words from Jay Powell's speech 
Powell's inflation dashboard
1) Higher prices aren't broad based
2) Surge-price categories are moderating
3) Wages don't suggest "excessive inflation"
4) Long-term expectations have only increased a little
5) Little reason to see global disinflationary forces reversing overnight
1) Higher prices aren't broad based
2) Surge-price categories are moderating
3) Wages don't suggest "excessive inflation"
4) Long-term expectations have only increased a little
5) Little reason to see global disinflationary forces reversing overnight
Powell: "If a central bank tightens policy in response to factors that turn out to be temporary, the main policy effects are likely to arrive after the need has passed. The ill-timed policy move unnecessarily slows hiring and other economic activity and pushes inflation" too low.
I was struck by the same point Jason makes here—that this isn't a "on the one hand, on the other hand" speech
https://twitter.com/jasonfurman/status/1431259023190499329
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