Jerome Powell: We believe further interest rate hikes are appropriate

We are changing rates quickly because we have the determination to ensure price stability. Reducing inflation is very important. We are in the process of significantly reducing the balance sheet.

Activity in the housing sector is softening and has changed in earnest since January. Tighter financial conditions should reduce demand.

The labor market remains extremely tight. Wage growth is excessive. We expect supply and demand conditions in the labor market to become more balanced and slow wage growth.

Supply constraints have lasted longer than expected, leading to increased price pressures. COVID-related blockages in China are likely to exacerbate supply chain and supply problems.

We continue to see risks of rising inflation.  Our policy will continue to be adaptive, it has adapted before and will continue to do so in the future.