Fed Chair Powell (Q&A) says it is frustrating that non-housing services inflation has not come down

• Not seeing progress on non-housing services
• Labour market is not a source of inflationary pressures
• Wants to see progress on housing service, finally seeing goods inflation come down, and then get help from non-housing services

Fed Chair Powell's commentary indicates perseverance in managing inflation, specifically highlighting frustrations around non-housing services. This suggests a potentially extended period of tight monetary policy as the Fed aims for broader inflation reduction. Traders should anticipate market reactions around rates, particularly in the USD and fixed income markets, as Powell's insights may shape expectations for future monetary policy adjustments.