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Some interesting comments from Powell's presser. Of course he is data dependent so if inflation falls off a cliff and we fall into recession this may all change. But certainly indicates rates will stay higher for longer. I wonder that once markets start to believe this they might assign lower PE multiples to stocks. “It will be appropriate to cut rates at such time as inflation is coming down really significantly. And we’re talking about a couple of years out.“ "I think, as anyone can see, not a single person on the committee wrote down a rate cut this year -- nor do I think it is at all likely to be appropriate if you think about it." "Inflation has not really moved down. It has not reacted much to our existing rate hikes. We’re going to have to keep at it.” "There's just not a lot of progress in core inflation." "We want to see it moving down decisively." "Risks for inflation are still to the upside."