FED: Powell: June Inflation Data Adds To FOMC "Confidence"

Fed Chair Powell at a Q&A with the Economic Club of Washington, D.C. strikes a
predictably dovish-leaning message in light of recent data, repeating previous
comments that the labor market is back to roughly where it was pre-pandemic;
for inflation, in Q2 we had "3 better readings" following June's reports.

* "We've been very clear that you wouldn't wait for inflation to get all the

  way down to 2%. Our test has been for the past quite some time that we wanted
  to be have greater confidence that inflation was moving sustainably down
  toward our 2% target, and what increases that confidence in that is more good
  inflation data. And lately, we have been getting some of that...We didn't
  gain any any additional confidence in the first quarter, but the three
  readings in the second quarter, including the one from last week, do add to
  that confidence."

* He notes that "we're going to be looking at both mandates", and the Fed could
react to unexpected weakening in labor market.
* Re market pricing in 90% chance of September cut - Powell says he is not
going to be sending any signal of timing.