Abstracts from Powell's speech at the Jackson Hole Economic Symposium
- The Fed is prepared to raise rates further if necessary.
- A restrictive policy is needed until inflation slows steadily.
- We intend to keep rates at restrictive levels until inflation falls to 2 per cent.
- We will proceed cautiously.
- Inflation is falling more slowly than expected.
Fed swaps are pledging a 20% probability of a 25 bp rate hike in September.