In a recent speech, Powell stated that the Fed’s past forecasts have been inaccurate and emphasized the importance of reducing inflation and maintaining price stability. He also expressed a belief that a cooling job market could benefit the economy, but clarified that he does not expect a reduction in the reverse repo rate or a rate cut in the near future. Additionally, he stated that no Fed member sees the possibility of a rate cut in 2023 and acknowledged the lack of progress in lowering core inflation. Despite these challenges, Powell reiterated that the Fed will not fund the US government debt and continues to closely monitor the banking system.