Tim Stenovec

News.

Well, there you have it.

Fed Chair Jay Powell wrapping up Comments Roundtable questions at an event at Harvard University.

It was a moderated discussion in a Principles of Economics class.

Let's take a look at markets on the back of those comments.

We actually saw yields fall across the curve as Fed Chair Jay Powell spoke.

Look at that.

Down on the two-year and the 10-year by...

Let's go ahead and call that nine basis points.

We also did see stocks move off their lows of the session.

When Fed Chair Jay Powell was speaking, the NASDAQ 100 right now up close to two-tenths of 1%.

The S&P 500 intraday up four-tenths of 1%.

The S&P was flat going into this, and the NASDAQ 100 was ever so slightly lower.

I want to bring in Bloomberg's international economics and policy correspondent, Mike McKee.

Mike, apart from no selfies with Jay Powell, which seems like a relatively good rule when you are someone like Jay Powell, I want to hear about the big takeaway from this.

It really seems like supply shocks have, the Fed has little control when it comes to supply shocks, such as the one we're seeing right now in oil.

Is that the big takeaway from him seeking earlier today?

Tariffs have a one-time impact on inflation.

He said inflation expectations remain well anchored.

The FOMC will reach its 2% inflation goal, and the Fed's tools have no meaningful effect on supply shocks.