Powell opening statement: The full effect of our tightening has yet to be felt

<ul><li>Without price stability, the economy doesn't work for anyone</li><li>We've covered a lot of ground and the full effect of our tightening has yet to be felt</li><li>Still a strong pace of jobs growth</li><li>Labor demand still 'substantially' exceeds supply</li><li>The process of getting back to 2% inflation "still has a long ways to go"</li><li>Strongly committed to getting inflation back to target</li><li>We have been seeing the effects of our policy on demand, particularly in most rate-sensitive sectors. It will take time to be felt</li></ul><p>The statement was brief and there was little hint about how inclined he is to hike further, though there also certainly wasn't anything to indicate a deviation from the 1 further hike highlighted in the SEP.</p>

This article was written by Adam Button at www.forexlive.com.