Fed's Powell Says Lumber Shows Recent Inflation Transitory

The transcript discusses the current economic strength, highlighting high incomes and demand for goods. It addresses the potential for inflation to decrease in the future, despite current high readings. The speaker emphasizes the uncertainty in forecasting and the importance of monitoring data to adjust policies as needed. The focus is on ensuring price stability and managing inflation expectations, with a recognition of the challenges and unpredictability in economic forecasting.

What does the speaker mean by 'price stability is half of our mandate'?

What uncertainties does the speaker mention regarding the economic situation?