Equity traders got exuberant for a couple minutes then gave it all back and took the rest of the day off.
From Yahoo Finance, February 7:
Federal Reserve Chair Jerome Powell said Tuesday the "disinflationary process" in the U.S. economy has begun, and said additional rate hikes will likely be necessary to bring inflation back to its 2% target.
Speaking in an interview with David Rubenstein at the Economic Club of Washington, D.C., Powell reiterated his comments from last week regarding inflation pressures, saying: "The disinflationary process has begun. It has begun in the goods sector, which is about 25% of the economy."
Powell said this process, "is going to take quite a bit of time, and is not going to be smooth."
"We will likely need to do additional rate increases," Powell said, as the Fed works to bring inflation back to its target.
Asked about Friday's stronger-than-expected January jobs report, Powell said the strong labor market, "shows you why we think [disinflation] will be a process that takes a significant period of time."....
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