Powell speech: Every meeting is a live meeting, if appropriate, can move rates up more quickly

Fed Chair Jerome Powell said in his post-FOMC meeting press conference on Wednesday that every meeting going forward is going to be a live meeting (i.e. there could be a 25bps rate hike) and, if it's appropriate to move rates up more quickly, we will do so. 

Additional Remarks:

"It's certainly a possibility to move more quickly as we go through the year."

"I still expect inflation to come down in the second half of this year."

"I expect inflation to remain high until the middle of the year."

"The committee understands the time for rate increases and reducing balance sheet has come."

"It's clearly time to raise interest rate and shrink the balance sheet."

"The committee is acutely aware of the need to return to price stability."

"Part of the drop in inflation in the near-term will be due to supply chain fixes."

"We are looking for month-by-month inflation to come down."

"If monetary policy starts to bite on inflation, growth with a lag, we will see it more in 2023 and 2024."

"The Fed is getting regulatory business done at the full committee level."

"I haven't made any decisions on the front-loading policy tightening."

"If inflation readings show the need to raise rates more quickly, we will do so."

"We have the tools that we need and will use them."

"We have a plan to raise rates steadily over the course of the year."

"We will take the steps to ensure high inflation does not become entrenched."

"We will also reduce the balance sheet to make sure high inflation does not become entrenched."

"The committee acutely feels an obligation to make sure we restore price stability."