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Post FOMC discussion with Adam Taggart @menlobear x.com/i/broadcasts/1…

Q: should Americans expect economic pain?
Powell: I'm not saying that at all. Economy in a good place. Waiting to reduce rates to see what will happen with tariff inflation.

Powell has long not found any fault at the Fed in the framework that caused the Fed to miss the Great Inflation - in part because it was that they veered from the framework. He separates that from communication and pronounces that there, too, all is well.

Q on framework review.
Powell: 2 tracks: framework & communications tools. Well on the way on framework, announcements due later this summer. Re communications: we talked about it, number of ideas, will look at in the fall. Only implement change if broad support, enhances clarity

Powell in response to a question on interference from 'your friend at 1600 Pennsylvania avenue': Fed is focused on maximum employment and price stability.

Powell: we have to be forward looking. Because the economy still looks solid, we are where we are.

Powell on dots: parties have a diversity of forecasts - expected rates correlated with uncertain inflation outlook.

Views may converge as data come in, although some may interpret data differently.

No one keeps the rate path with a high degree of conviction.