With drivers of inflation having changed from demand-driven to supply-driven, the Fed’s job got a lot more complicated. Powell’s rate hikes to cool down inflation may come at the cost of driving US economy into recession. However, in contrast to his European counterparts – whose main task is to keep inflation below 2 % – Fed’s mandate also includes keeping the US economy at a healthy state, which could speak for moderate rate increases during the fall.

Jerome Powell’s Dilemma: What if the Drivers of Inflation Are Here to Stay? – WSJ (often paywall)

Dollar, yields rise ahead of speech by Fed’s Powell – Reuters (open for Squidders)

Wall Street Is in Limbo as Investors Look to Powell for Guidance – NY Times (often paywall)