Key Points from Powell's Speech, Wednesday

_ Near-term inflation expectations have risen.

_ The annual inflation rate is expected to be 2.8%, and the annual core inflation rate is expected to be 3.0%.

_ High inflation reflects rising commodity prices.

_ It is important that we see progress in reducing commodity price inflation this year.

_ We are committed to achieving full employment and reducing inflation to 2%.

_ If we do not see progress on inflation, we will not see a decrease in the inflation rate.

_ Whether we look at energy inflation or not, inflation only becomes apparent after we have addressed the commodity inflation issue.

_ There will be some impacts on inflation in the coming period.

_ The U.S. economy is in very good shape.

_ We are waiting for the tariffs to be passed through the system.

_ After we get through the shock from higher oil prices, there will be some pressure on spending and employment, and then there will be some upward pressure on inflation.

We are in a difficult situation. We must balance the risks.

I don't believe employment is more at risk than inflation.

High oil prices are one of the factors that could slow the achievement of our inflation target.

If inflation doesn't decrease, we won't see a change in interest rate cuts.

I haven't yet decided whether I will remain a member of the Federal Reserve Committee after my term ends.