"The U.S. economy is different this time," Fed Chair Powell says. "People financed themselves into very low-rate mortgages, and now they won't move." "The same is true of businesses" + "it may be that policy is hitting the economy not quite as strongly." www.youtube.com/watch?v=lASjtnSMsiQ

New York Fed inflation expectations tick up after a long period of stability. www.newyorkfed.org/microeconomics/sce#/ Comes on the heels of UMich inflation expectations also ticking up. tradingeconomics.com/united-states/michigan-5-year-inflation-expectations ... too small + early to freak out, but not the direction of travel the Fed wants.

Cleveland Fed President Loretta Mester said it’s too soon to conclude inflation progress has stalled. She thinks the central bank can wait comfortably for evidence inflation will resume a downward trend www.wsj.com/economy/central-banking/mester-says-fed-in-really-good-place-to-study-economy-before-charting-rate-path-a653bd1c?st=z5rytmdzf1nklp8

No meaningful change in the economic outlook since Powell's last comments means no meaningful change in Powell's outlook today: The key line: "We’re just going to have to see where the inflation data fall out” www.wsj.com/economy/central-banking/fed-chair-jerome-powell-maintains-wait-and-see-posture-on-inflation-and-rates-1cd35820?mod=e2twe