Fed Chair Powell says disinflationary process has begun.

Powell stated:

• “Just at the beginning” of the disinflation process.
• “Must keep rates at restrictive level for period of time”
• This process is likely to take “a good amount of time”
• “We expect significant progress on inflation this year,”
• Our job is to get inflation down to 2%
• He is mostly worry about about disinflation in core services, excluding housing. He is expecting the housing market to see disinflation in the second half of this year.