🚨Fed Chair Powell:

-Officials agree that the strategic language regarding both the employment gap and average inflation needs to be reassessed.

-Revisions to Fed communications are also being considered.

-The idea that inflation will experience a moderate overshoot after weakness has become meaningless in light of the levels inflation has reached.

-We may be entering a period where more frequent supply shocks occur.

-It is possible to reconsider the average inflation target.

-I will not comment on the short-term economic outlook and interest rate path.