In his post-monetary policy announcement press conference, Fed Chair Jerome Powell said on Wednesday that, with elevated inflation and a strong labour market, the Fed will continue to adapt policy.
"The economy has shown great strength."
"The Covid-19 Omicron variant will surely weigh on economic growth this quarter."
"Activity more broadly may also prevent workers reporting to jobs."
"Omicron expected to drop off rapidly."
"If the wave passes quickly, economic effects should dissipate quickly too."
"The labor market has made remarkable progress."
"Improvement in the labor market has been widespread."
"The labor demand remains historically strong."
"Wages are rising at the fastest pace in many years."
"The current wave of the virus may well prolong effects on labor force."
"Inflation remains well above our long-run goal."
"Supply problems larger and longer-lasting than thought."
"High inflation now spread more broadly."
"Inflation is expected to decline over the course of the year."
"We think the best thing we can do is promote a long expansion; that requires price stability."
"Committed to price stability goal."
"Watching carefully to see if the economy evolving in line with expectations."
"The economy no longer need sustained high levels of policy support."
"In light of inflation and employment, the economy no longer needs sustained high levels of support."
"The economic outlook remains highly uncertain, requires humility."
"We need to be nimble."
"We will remain attentive to risks."
"We are repared to respond as appropriate to achieve goals."
"We will remain attentive to higher inflation proving more persistent and react accordingly."
"The Fed Funds rate is our primary means of policy."
"Reducing balance sheet will occur after interest rates rises have begun."
"We will be prepared to adjust any of the details of balance sheet reduction approach."