Fed Chairman Powell: We have to see what today's data means for the balance of risks.

Long-term interest rates are a theoretical concept, not an observation.

People are beginning to think that interest rates are unlikely to fall back to pre-pandemic levels.

The economy is still dealing with the various shocks from the COVID-19 pandemic.

Policy is restrictive.

Everyone is asking the question about the neutral interest rate. The question of whether interest rates are restrictive enough will be answered over time.