Powell speech notes

- Fed's goal of getting inflation sustainably back to 2 percent remains the same (emphasize at least three times).

- Brighting down inflations depends on 1) unwinding of the unprecedented pandemic-related demand supply distortions and 2) tight monetary policies.

-Focus on core PCE omitting food and energy. The past two-month data (June and July) are not enough to show a sustainable trend.

- Core PCE is composed of goods, housing services and non-housing services. 

- Expect below-trend economic growth and softening of labor market conditions when getting inflation sustainably down to 2 percent.

- Continuously monitor the effects of tight monetary policies given uncertainties such as lags and preciseness.

- Risk management to prevent job overdone.

總結：Fed百分之二目標還沒實現，還沒有看到Core PCE可持續下降趨勢，目標沒實現，他們不會停手，甚至會已犧牲部分經濟增長和就業率為代價。