There is a crucial Fed decision looming today. It's the next big input for markets after weeks of turmoil that saw three US banks fail and a large European bank taken over in an emergency deal brokered by the government and regulators. All that while inflation is hovering at 6% on an annual basis here at home.
So, Powell and his colleagues have had a lot to digest, to say the least. Some of the earliest knee jerking has calmed markets and the most apocalyptic reactions have faded, as predictions of calamity become more sober estimations of "a bit more pain ahead, maybe."
Still, today's announcement from Powell will be key, not just for gauging the path of interest rates, but for shedding some light on how the central bank is thinking about the biggest banking crisis since 2008.