Please read the article below answer the following questions.

https://www.federalreserve.gov/newsevents/speech/powell20221130a.htm

What is the interest rate that Chair Powell is referring to when he says "we need to raise interest rates to a level that is sufficiently restrictive to return inflation to 2 percent."

What is the definition of trend growth that he mentioned?

What is the purpose of tightening the stance of monetary policy?

What has demand growth slowed and why?

How did he break down core inflation to assess inflation trends? (3 components)

What has happened to each of the three components of inflation?

Why does he expect housing services inflation to decline? Why is there a lag?

What drives the core services inflation other than housing?

What needs to happen for core services inflation other than housing to decline in his opinion?

What did labor market tightness first emerge?

What are some of the factors that explain the labor shortfall and why will the labor supply shortfall not fully close anytime soon?

Where does Chair Powell want wage growth to be?