Fed Chair Powell: We will stay the course until inflation returns to target, acknowledging that events keep emerging that push costs higher

Fed's Powell: I don't see the labor market as a source of inflation POWELL: PEOPLE NOT SAYING WE NEED TO HIKE NOW FED CHAIR POWELL: WE DO NOT WANT TO CONFUSE MARKETS REGARDING OUR REACTION FUNCTION, ADDING THAT IT'S A WORTHWHILE DEBATE TO BE HAVING — WITH A SOUND ARGUMENT ON THE OPPOSING SIDE AS WELL. FED CHAIR POWELL: CONCERN OVER MONETARY POLICY CREDIBILITY IS NOT WHAT'S DRIVING MY DECISION TO REMAIN IN ROLE, ADDING THAT WARSH POSSESSES THE SKILLS TO PERFORM WELL. POWELL: I WOULD NEVER BE A SHADOW CHAIR POWELL: I WILL BE A GOVERNOR POWELL: I RESPECT THE ROLE OF CHAIR

FED'S POWELL: INFLATION ELEVATED, IN PART REFLECTING ENERGY PRICE INCREASE POWELL: CURRENT POLICY STANCE APPROPRIATE POWELL: MIDDLE EAST EVENTS CONTRIBUTES TO UNCERTAINTY POWELL: NEAR-TERM INFLATION EXPECATIONS HAVE RISEN *POWELL: HOUSING SECTOR HAS REMAINED WEAK *POWELL: LABOR DEMAND HAS CLEARLY SOFTENED AS WELL *POWELL: PART OF SLOWER JOB GROWTH REFLECTS LOWER IMMIGRATION *POWELL: IN NEAR TERM, HIGHER ENERGY PRICES WILL BOOST INFLATION

FED CHAIR POWELL: WE WILL WANT TO SEE THE BACKSIDE OF BOTH THE ENERGY AND TARIFF SHOCKS BEFORE EVEN CONSIDERING RATE CUTS, ADDING THAT THE ENERGY SURGE HAS NOT YET REACHED ITS PEAK. - POWELL: NUMBER SEEING HIKE AS LIKELY AS A CUT HAS MOVED UP FED CHAIR POWELL: THERE IS NO RUSH TO MAKE A DECISION ON LANGUAGE AT THIS POINT, AS DEVELOPMENTS OVER THE NEXT 30 TO 60 DAYS COULD ALTER THE PICTURE — ADDING THAT TODAY'S CALL WAS CLOSER THAN THE ONE IN MARCH. FED CHAIR POWELL: NEW LEADERSHIP IS LIKELY TO BE IN PLACE BY JUNE, AND IT REMAINS UNCERTAIN WHETHER THE EASING BIAS WILL BE RETAINED IN THE STATEMENT AT THAT POINT. Asked if the decision about Cook will affect his decision on leaving Powell said "not really".