Highlights from Fed Chair Jay Powell’s Press Conference yesterday:

“The question of when to moderate the pace of increases is now much less important than the question of how high to raise rates and how long to keep monetary policy restrictive.”

“It’s very premature to be thinking about pausing.”

“We think there is some ground to cover before we meet that test [stopping rate hikes]’.

“We may ultimately move to higher levels than we thought at the September meeting.”