Fed Has 'Some Ways to Go' on Rates, Powell Says

The transcript discusses the Federal Reserve's approach to monetary policy, emphasizing the need for ongoing increases in the federal funds rate to achieve a restrictive stance that will bring inflation back to 2% over time. It highlights the significant tightening of financial conditions and its effects on interest rate-sensitive sectors like housing. The transcript also addresses the uncertainty surrounding the appropriate level of interest rates and the importance of data in guiding future decisions. The Federal Reserve plans to adjust its pace of rate increases based on cumulative policy effects and economic indicators.

What does the text suggest about the ultimate level of interest rates?

How will decisions regarding monetary policy be made according to the text?