Fed's Powell: No one holds rate path projections with a great deal of conviction

FED'S POWELL: WE'VE HAD GOODS INFLATION MOVING UP A BIT, EXPECT TO SEE MORE OF THAT IN SUMMER || SAYS EXPECT TO SEE MORE IN GOODS INFLATION THIS SUMMER || SAYS TAKES SOME TIME FOR TARIFFS TO WORK WAY TO CONSUMER Fed's Powell: We can't assume inflation will just move up, and then back down, as projections show. FED'S POWELL: IN LOOKING AT FED POLICY PATH PROJECTIONS, FOCUS ON NEAR-TERM; HARD TO FORECAST LONGER TERM || SAYS ADAPTING IN REAL-TIME TO ESTIMATES OF HOW HIGH TARIFFS WILL BE FED'S POWELL: SENTIMENT HAS COME UP FROM VERY LOW LEVELS, THOUGH STILL DEPRESSED || SAYS HOUSING SITUATION IS A LONGER-RUN PROBLEM *POWELL: BEST WE CAN DO FOR HOUSING IS RESTORE PRICE STABILITY *POWELL: ECONOMY APPEARS TO BE GROWING AT 1.5%-2% PACE

FED'S POWELL: INFLATION HAS BEEN RUNNING SOMEWHAT ABOVE GOAL || SAYS CURRENT POLICY STANCE LEAVES US WELL POSITIONED Fed's Powell: Labor market conditions have remained solid. Fed’s Powell: Current Policy Stance Is Well Positions To Respond, Economy Is In A Solid Position - GDP Measure Complicated By Unusual Swing In Net Exports - Labour Mkt Is Not A Source Of Inflation, Is Broadly In Balance - Estimates Total PCE Prices Rose 2.3% In May, Core Up 2.6%… FED'S POWELL: AVOIDING PERSISTENT INFLATION ULTIMATELY DEPENDS ON KEEPING LONG-TERM INFLATION EXPECTATIONS WELL-ANCHORED || SAYS OBLIGATION IS TO KEEP ONE-TIME PRICE INCREASE FROM BECOMING ONGOING INFLATION PROBLEM Fed's Powell: Tariff effects on inflation could be more persistent.