On the question of inflation, Powell gave indications that it is drifting back towards the Fed’s 2% goal but remains elevated — around 2.8% by the Fed’s preferred measure. Tariffs are providing a boost to that number in the half percentage point range, but Powell said the view continues to be that the impact from the levies will be temporary. The inflation forecast for October is significant in that the Commerce Department will not be releasing an official number on the personal consumption expenditures price index due to the government shutdown.

Powell gave a nod towards the uncertainty from the shutdown, but said the lack of public data likely doesn’t change the economic picture, one of moderating growth, rising unemployment and “somewhat elevated” inflation. “Although some important federal government data have been delayed due to the shutdown, the public and private sector data that have remained available suggests that the outlook for employment and inflation has not changed much since our meeting in September,” he said.

(http://www.autoadmit.com/thread.php?thread_id=5791607&forum_id=2\u0026mark_id=5310764#49387356)