Sees core PCE at 3.2% for MarchSees PCE at 3.5%Near term inflation expectations have risenJobs growth slowing reflects slower labor force growthConsumer spending is resilientInflation elevated, in part reflecting energy price increaseEvery new Fed chair takes a look at communicationI don't know if the easing bias will be in the statement at the next meetingThe language was a closer call than in MarchWhat happens in the next 30-60 days could change thingsHad a vigorous debate about guidance todayMajority of committee did not want to change the language todayPeople are not saying we should hike nowPeople argue going to neutral would reflect marketsA group of people don't think we need to be in a hurry to change the language in case we need to reverse itNo one was voting for a hikeI would never be a shadow chairI respect the role of the ChairI was a Governor for six yearsThe labor market shows more signs of stabilizing while inflation is 'kind of misbehaving'I was never the biggest fan of the dot plot"You can't beat something with nothing."We are the only major central bank that doesn't publish a forecastIn his defense, Powell kept a very low profile as Governor the first time. He rarely weighed in publicly and never made waves, that's why he was a surprising pick for Fed Chair at the time.Quotable:"A group of us, including me, didn't feel like we needed to be in a hurry on [removing the easing bias]. Markets are not confused about our reaction function. The other side of the argument [to remove easing bias] is good too as I mentioned. It's perfectly good argument"Warsh has talked about getting rid of the dot plot but Powell indicated that he tried that and there wasn't broad support for it. He said that Warsh looking at communications "is the most-natural thing in the world". This article was written by Adam Button at investinglive.com.