Fed Chair Powell (Q&A) says part of the oil shock is in the forecast for higher inflation, but also, Fed has not seen the hoped for progress on lowering prices

Fed Chair Powell's comments point to persistent inflation pressures, particularly from oil, indicating the Fed may need to maintain a hawkish stance longer than anticipated. The lack of progress in lowering prices suggests challenges ahead in achieving stable inflation, impacting market expectations for interest rates and the dollar in the near term.