Fed Chairman Powell: We have seen a "significant increase" in consumer confidence.

Fed Chairman Powell: Rising consumer confidence can support spending.

Fed Chairman Powell: One reason for lack of consumer confidence is high prices.

Fed Chairman Powell: Inflation forecasts may be revised downwards given current data.

Fed Chairman Powell: If we get very strong inflation data and inflation picks up, we will slow down or delay cutting interest rates; and vice versa.

Fed Chairman Powell: I don’t think it’s necessary to reduce the size of overnight reverse repurchases to zero before shrinking the balance sheet.

Fed Chairman Powell: We will react based on the data.

Fed Chairman Powell: There are risks that could slow us down or speed up our rate cuts.

Fed Chairman Powell: Cutting interest rates in March is not a "base case."

Fed Chairman Powell: It will be unexpected for inflation to rise again.

Federal Reserve Chairman Powell: More worried that inflation will remain high and stable.

Fed Chairman Powell: Wages are returning to levels consistent with 2% inflation.

Analyst Enda Curran: It sounds like there is a heated discussion among Fed policymakers about when rates should be cut, but Powell also hinted that the committee is still some way away from reaching a consensus.

Fed Chairman Powell: Job vacancies have not fully returned to previous levels.

Fed Chairman Powell: It may take several years for wage setting to fully recover.

Fed Chairman Powell: When the impact of the above situation gradually subsides, our tightening of interest rates will become more obvious.

Federal Reserve Chairman Powell: A lot of the economic growth we are seeing is due to the post-epidemic recovery.

Federal Reserve Chairman Powell: The impact of interest rates on interest-rate sensitive industries has already appeared.

Fed Chairman Powell: We are not declaring victory in the fight against inflation.