Jerome Powell mentioned 'disinflation' 15 times in his Fed Q&A this week. Here's how that could guide markets.

• Fed Chair Jerome Powell mentioned disinflation 15 times in a Q&A with reporters this week.
• The Fed raised interest rates by 25 basis points Wednesday, in its latest tightening move.
• Powell's nod to slowing price increases has added to market speculation that rates may start falling this year.

Jerome Powell has been eager to remind investors that the economy is still deep in the throes of a battle with high prices and a potential slowdown.