Federal Reserve Chairman Powell: We are now seeing the impact of raising interest rates in 2022, but it is still difficult to determine the length of the policy lag period.

Fed Chairman Powell: Supply-side gains (such as immigration) have indeed helped, but these factors will gradually fade.

Fed Chairman Powell: We have made good progress on inflation without rising unemployment, which is very welcome.

Fed Chairman Powell: The best thing we can do for the United States is to fully restore price stability and minimize the damage.

Fed Chairman Powell: External risks still exist.

Fed Chairman Powell: Our question is whether we should raise interest rates further.

Fed Chairman Powell: The Fed is focused on how long policy needs to remain tight.

Fed Chairman Powell: We haven’t discussed cutting interest rates either.

Fed Chairman Powell: What we are concerned about is whether the policy is restrictive enough.

Fed Chairman Powell: If we conclude that we need to tighten, we will do so.

Federal Reserve Chairman Powell: The economy has been showing resilience and we will evaluate interest rate increases from an overall perspective.

Fed Chairman Powell: We accept the current economic status quo.

Fed Chairman Powell: The economy is surprisingly strong in its resilience.

Fed Chairman Powell: The Fed did not reincorporate recession into our forecasts at this meeting.