Fed Chair Powell repeats we are not confident we've achieved sufficiently restrictive stance; if it becomes appropriate to tighten policy further, "we will not hesitate"

Fed will continue to move carefully and decide meeting by meeting.
Attentive to risk that stronger growth could undermine inflation progress, which could warrant a monetary policy response.
Inflation has come down and remains well above 2% target.
Gratifed by inflation progress, but still a "long way to go".
Labour market remains tight, but moving into better balance.
Expect GDP growth to moderate in the coming quarters, but remains to be seen.
A greater share of progress on inflation ahead may have to come from tight monetary policy, not just supply-side improvement.
Too soon to know if policy challenges of "effective lower bound" will be a thing of the past.
Fed will begin next framework review in the latter half of 2024 and announce the results about a year later.