Fed's Powell: It is appropriate to be moving more quickly and front-end loading

50 bps will be on the Powell for the May meetingI don't want to bless any market pricing but they are acting appropriately to our communicationsAt the recent meeting, many on the committee thought one or more 50 bps hikes appropriateWe need price stability to have a strong labor marketIt is essential to restore price stabilityIn the US we have very strong growth and high inflation elsewhere has different levels of growth and a lower starting point We have had an expectation that inflation would peak around this time but these expectations have disappointed in the pastAre we going back to the old economy? Probably not. What does the new one look like?There is a lot to like about the US labor market but it's not sustainably hotThe bond market cooled off despite some hawkish comments from Powell but that might represent some flight to safety as equities tumble.