Powell speaks at an event in Amsterdam – BBG

* Powell: The labor market is gradually returning to a better balance

* Powell: We still suffer from labor shortages in many industries

* Powell: Immigration also promotes growth

*Powell: Signs of gradual calm and rebalancing in the labor market

* Powell: There has been progress in inflation over the past year

* Powell: He said the US Federal Reserve needs to be patient and let policy work

* Powell: Inflation is expected to return down on a monthly basis

Powell: Confidence is not as high as it was after the first months of 2024

Powell: The PPI reading was actually quite mixed

Powell: I wouldn't consider the PPI reading hot, but it's a bit mixed

Powell: I don't think we know whether inflation will continue or not

* Powell: Tight interest rates may take longer to work

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