Fed Chair Powell: ‘We Didn’t Expect a Good Reading, But This One Was Even Worse than We Expected’

EXCERPT:

POWELL: "So, I wouldn't say it was -- I think we -- we didn't expect a good reading, but this one -- this one was -- was even worse than expected, I would say. I don't -- I don't talk about my own personal estimate of -- of -- of what the terminal rate would be. I do -- I will write down that in -- it's going to evolve. It's -- obviously it has evolved over the course -- I think for -- for all participants it has evolved over the course of the year as we learn how persistent inflation is going to be.”