A quick recap from Jerome Powell's speech from Kansas City, in Jackson Hole, Wyoming.

The speech was watchable and we can also find the full remarks on the web. I first used artificial intelligence to process the points for me. I don't think there is anyway to read sentence by sentence, which as always are conducted in a rather diplomatic manner.

- Federal Reserve (Fed) chief Jerome Powell has called for greater vigilance in the fight against inflation and although inflation has fallen, it is still too high. He hinted at the possibility of further interest rate hikes to ensure a sustainable decline in inflation.

- He acknowledged progress, but also warned that inflation remains above what policymakers consider comfortable. The economy should proceed with caution because the risks are mutual. Too much and too little action could have negative consequences.

- Powell stressed that interest rates will remain restrictive until a sustainable decline in inflation toward the Fed's target is achieved. He is keeping his inflation target at 2% and does not intend to raise it.

- The published data indicated that almost all FOMC officials are likely to see further interest rate hikes. Powell did not indicate a rate cut, but stressed the need to proceed cautiously and respond to evolving data and risks. He warned of the risks of strong economic growth during an expected recession and the need to hold interest rates higher accordingly.

- He divided inflation into three metrics and the most closely watched is core inflation, which excludes volatile food and energy prices. Based on the inflation data, the Fed will decide how to proceed. Finally, he emphasized that economic growth may have to slow before the Fed changes its policy course.

So as we see folks, the news kind of, well, I don't want to say nothing, but I don't think it's surprising to many of us who follow the markets either. Feel free to post how you feel about this, I'll look forward to it and have a great weekend everyone. 😊🍀