To date, Powell's speeches have been hawkish, sharply criticizing "the yellow hair."

Key points:

· Hawkish stance on inflation: pointed out high inflation (expected 3.5% for March PCE), partly due to energy prices; recent inflation expectations have risen; Middle East events increase uncertainty.
· Rejection of resignation pressure: clearly disagrees with the Trump administration's approach, denying that remaining on the board is politically motivated.
· Continuing as a board member: after stepping down as Chair on May 15, he will remain as a board member (duration TBD), saying, "I will not leave until the Department of Justice's investigation is completely concluded," welcoming the DOJ to withdraw the investigation and ensuring it will not be restarted.
· Low-profile stance: will serve as a board member in a low-key manner and leave the Federal Reserve when he deems appropriate.
· Handover congratulations: this is his last press conference as Chair, congratulating Waller on becoming FOMC Chair. $ETH