Powell: “If we fail to restore price stability, the risk is that expectations of higher inflation get entrenched in the economy and we know that is really bad for people. Inflation would be both higher and more volatile. That is a prescription of misery.”

”We are committed to not letting that happen.”

Powell: “The committee is not considering changing the pace of balance sheet runoff.”

Powell:” Everyone has been very gratified to see that we have been able to achieve pretty significant progress on inflation without seeing the kind of increase in unemployment that has typical of rate hiking cycles like this one.”

Powell: “The committee is not thinking about rate cuts at all.”