Lockhart: Fed's 'Catch Up' Phase Is Over

Jay Powell's press conference highlights the ongoing rate increases and the transition to a new phase where decisions will be made meeting by meeting. The discussion covers the concept of neutral rates, the current economic situation, and the risks of recession. Powell emphasizes the importance of monitoring inflation expectations and the challenges of forward guidance in uncertain times.

What concerns did Powell express regarding inflation expectations?

What does Powell need to see in terms of inflation data before considering a slowdown in rate increases?

How does Powell's approach to forward guidance differ from previous practices?