Jerome Powell: The neutral rate "is pretty low these days."

The data show that inflation expectations that short-term inflation will be high still hold, but are falling sharply in the medium term. Fed inflation expectations have also risen.

We have not decided how tight our policy restrictions should be. A compromise can always be found.

Any recommendations we make are contingent on things going the way we expect. In that case, we want to see progress on inflation, if we don't see that, we will react. We will see progress on inflation soon enough.