This from Nick Timiraos at the Wall Street Journal, who is said to be a mouthpoice for Fed Chair Powell, when needed.

He’s worth paying attention to.

Timiraos:

Federal Reserve Chair Jerome Powell provided a clear signal that the central bank is on track to raise interest rates by a half percentage point at its next meeting, stepping down from an unprecedented series of four 0.75-point rate rises aimed at combating high inflation.

Mr. Powell, in a speech Wednesday, said an overheated labor market needed to cool more for the Fed to be confident that inflation would decline toward its 2% goal.

Link to the Journal piece is here for more (gated)