Fed Chair Powell says US economy has been stronger than expected, this year is remarkable; monetary policy is generally working in ways that the Fed expected though some aspects are different

Some households and businesses are not feeling higher rates.
It is hard to draw a direct line from things like higher bond yields to a monetary policy response.
Fed is not going to ignore a significant bond tightening, but Fed does not have to make a decision now.
Will be looking carefully at reasons behind the recent yield surge.
Fed is still trying to judge if it needs to do more; then will consider how long Fed needs to keep rates high.
The bigger mistake remains not getting rates high enough.
Fed is in the range of restrictive policy, question of whether the neutral rate has risen is less interesting.
The fed-funds rate is around 5.3% and if expected one-year ahead inflation is around 3%, that implies a real rate above 2%. That's "well above" mainstream estimates of the neutral rate, and policy is "probably significantly restrictive".