Powell reiterates 2% inflation target, discusses treasury yields rising significantly since last meeting.

Not one of my FOMC colleagues is under any illusion We have begun a new chapter And we understand that the five plus years of inflation above target Cannot be cured in nine weeks Or by a single month of modest price decreases This Fed will not waver Our credibility rests on performing our duties And delivering on our responsibilities Americans are right to expect that Because our nation's prosperity depends on it To the regulars here in the press room today's assessment might sound familiar Yet there was nothing inertial about our discussions our policy or our strategy Two economic developments are worth highlighting The first is a very notable change since our last meeting 42 days ago Nominal and real yields are materially higher across the treasury curve In fact, some of the increases in market interest rates Between FOMC meetings are among the most significant in the last two decades Ranking around the top decile or so But if the committee didn't change its policy, right? What happened?