Summary of Powell's speech at the Washington Forum:

All things are based on stability as the top priority.

Recent data show that inflation has not made further progress.

It may take longer than expected to reach confidence that inflation will return to 2%.

Keep interest rates at current levels as inflation continues to rise.

The Fed believes it is appropriate to let policy continue to work.

Immediate reaction:

Stocks continue to rise after a brief shock

Main point: The Fed's battle against inflation is far from over.

With this in mind, the Fed will not rush to cut interest rates in the short term.