Powell quotes Volcker, promises to “use our tools forcefully,” take “forceful and rapid steps” to reduce demand until “confident the job is done,” though it’ll bring “pain to households and businesses,” but not doing it will cause “far greater pain.” Hawk city. Finally got through to the markets?

What the Fed did in details and charts.

“People at the lower income spectrum are suffering from high inflation”: Seems Powell wants markets to come out of denial.

This is fast moving now, but the Fed is still pouring fuel on the fire.