Powell: Federal Reserve Has ‘Made a Lot of Progress’ on Inflation

We want to be more confident that inflation is moving sustainably down toward 2% before we start the process of, of reducing how tight our, our policy is of, of loosening policy. That's what we've said. And what we would, what we'd like to see is more data like, like what we've been seeing recently. We'd also like to see the labor market remain strong. We've said that if we saw the labor market unexpectedly, we can weakening. That is also something that could, that could call for a reaction. So we're actually on a 12 month basis, we're actually at 2.6, both headline and core for inflation. And that's, that's, that represents really significant progress. I think we peaked at 5.4% in core and the same thing has happened in, in headline, we've gone from 7.1 to 2.6. So yes, we've made a lot of progress. We wanted, we just want to understand that, that, that the levels that we're seeing are a true reading on what is actually happening with underlying inflation.