Powell speech: We have not seen much progress in services inflation

Jerome Powell, Chairman of the Federal Reserve System (Fed), presents the Semi Annual Monetary Policy Report and responds to questions before the Senate Banking, House and Urban Affairs Committee.

Key takeaways

"Headline inflation has come down, but that's largely from energy and food prices not principally a function of monetary policy."

"We are seeing progress in supply chains."

"We have not seen much progress in services inflation."

"We still have a long way to go."

"I dont think monetary policy is becoming less effective."

"There's no consensus agreement on how long it takes monetary policy to affect economy, but a year and change is not a bad way to look at it."

"We have identified banks that have a higher concetration of commercial real estate, working with them."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."