Powell: Economy Weaker, Caution on Fed Rates Appropriate

The transcript discusses the current economic conditions, focusing on the labor market and inflation. It outlines a strategy for gradual interest rate increases, emphasizing a cautious and data-driven approach by the Fed. The discussion includes the terminal Fed funds rate, the Phillips curve's role in inflation, and confidence in achieving a 2% inflation target.

What is the projected terminal Fed funds rate mentioned in the text?

What is the significance of the Phillips curve in the context of this economic discussion?