In a speech at the seminar "Reassessing the Effectiveness and Transmission of Monetary Policy," he discussed the current economic situation and the future path of monetary policy. Here are the main points from his speech:

Current Economic Situation

- *Economic Growth*: Powell indicated that the economy is growing at a strong pace, with inflation having significantly decreased and the labor market no longer being overheated.

- *Inflation*: He stated that inflation has fallen from its peak, with prices rising by 2.5% over the past 12 months, and expressed confidence that inflation is on a sustainable path toward 2%.

Labor Market

- *Unemployment Rate*: The unemployment rate has risen to 4.3% and job gains have slowed. However, Powell emphasized that the labor market remains strong and the increase in unemployment is primarily due to an increase in the labor supply.