BRIEF-Fed Chair Powell's key comments at April 28 press conference

* FED CHAIR POWELL SAYS RECOVERY REMAINS UNEVEN, REMAINS INCOMPLETE

* POWELL SAYS CONDITIONS IN LABOR MARKET HAVE CONTINUED TO IMPROVE * POWELL SAYS UNEMPLOYMENT RATE OF 6% UNDERSTATES SHORTFALL IN EMPLOYMENT

* POWELL SAYS 12-MONTH MEASURES OF PCE INFLATION IN NEAR TERM EXPECTED TO EXCEED 2% * POWELL SAYS TRANSITORY RISE IN INFLATION THIS YEAR WOULD NOT MEET STANDARD FOR RAISING RATES

* POWELL SAYS ECONOMY IS ‘LONG WAY’ FROM EMPLOYMENT AND INFLATION GOALS * POWELL SAYS LIKELY TO TAKE ‘SOME TIME’ FOR SUBSTANTIAL FURTHER PROGRESS TO BE ACHIEVED

* POWELL SAYS FED WILL DO EVERYTHING WE CAN TO SUPPORT RECOVERY FOR AS LONG AS IT TAKES * POWELL SAYS IT IS NOT TIME TO START TALKING ABOUT TAPER

* POWELL SAYS ECONOMIC ACTIVITY HAVE JUST RECENTLY PICKED UP, WILL TAKE SOME TIME TO MEET THAT BAR * POWELL SAYS ECONOMY CAN'T FULLY RECOVER UNTIL PEOPLE FEEL IT'S SAFE TO RESUME ACTIVITIES

* POWELL SAYS DON'T HAVE A TEST FOR LIFTOFF OR TAPER TO DO WITH THE VIRUS * POWELL SAYS IT SEEMS UNLIKELY WE'D SEE PERSISTENT RISE IN INFLATION WHILE STILL SLACK IN LABOR MARKET

* POWELL SAYS IT WOULD TAKE TIME TO MOVE INFLATION EXPECTATIONS UP, WOULD EXPECT THAT TO COME WITH STRONG LABOR MARKET * POWELL SAYS VERY LIKELY THAT TO ACHIEVE SUBSTANTIAL FURTHER PROGRESS WILL ALSO HAVE MADE SIGNIFICANT PROGRESS ON VIRUS

* POWELL: WE ARE VERY WORRIED ABOUT SCARRING IN LABOR MARKET * POWELL SAYS SO FAR WE HAVEN'T EXPERIENCED THAT LEVEL OF SCARRING

* POWELL SAYS WE'RE A LONG WAY FROM FULL EMPLOYMENT * POWELL: BUT WE HAVE NOT EXPERIENCED THE LEVEL OF LABOR MARKET SCARRING AND SMALL BUSINESSES THAT WE HAD FEARED A YEAR AGO

* POWELL SAYS WATCHING HOUSING PRICES CAREFULLY; RISE IS BECAUSE OF LOW INVENTORY, STRONG DEMAND * POWELL: CLEARLY STRONGEST HOUSING MARKET SINCE FINANCIAL CRISIS

* POWELL: NOT AN 'UNALLOYED GOOD' TO HAVE HOUSING PRICES GO UP THIS MUCH * POWELL SAYS DON'T SEE FINANCIAL STABILITY CONCERNS FROM HOUSING MARKET

* POWELL: UNCLEAR IF THOSE NOW IDENTIFYING AS RETIRED WILL COME BACK IN * POWELL SAYS DON'T SEE WAGES MOVING UP, WOULD SEE THAT IN A TIGHT LABOR MARKET

* POWELL SAYS HE EXPECTS PEOPLE TO RETURN TO LABOR FORCE TO FILL JOBS, MAYBE PAY WILL GO UP * POWELL SAYS MAY TAKE SOME MONTHS TO GET BACK TO EQUILIBRIUM BETWEEN LABOR SUPPLY AND DEMAND

* POWELL SAYS DURING TIME OF REOPENING WE ARE LIKELY TO SEE UPWARD PRESSURE ON PRICES, BUT WILL BE TEMPORARY * POWELL: EPISODE OF ONE-TIME PRICE INCREASES IS NOT LIKELY TO LEAD TO PERSISTENT INFLATION

* POWELL SAYS ONE-TIME PRICE INCREASES AS ECONOMY REOPENS IS NOT LIKELY TO LEAD TO PERSISTENTLY HIGH INFLATION INCONSISTENT WITH FED'S GOALS * POWELL SAYS IF DO SEE INFLATION EXPECTATIONS MATERIALLY ABOVE 2% WOULD USE TOOLS TO BRING IT DOWN

* POWELL SAYS BASE EFFECT WILL CONTRIBUTE ABOUT 1 PERCENTAGE POINT TO HEADLINE INFLATION * POWELL: BASE EFFECTS WILL CONTRIBUTE ABOUT 0.7 OF A POINT TO CORE INFLATION IN APRIL

* POWELL SAYS BASE EFFECTS CARRY NO IMPLICATION FOR THE RATE OF INFLATION * POWELL: HARD TO PREDICT HOW LONG THEY WILL LINGER

* POWELL SAYS IF WE SEE INFLATION MOVING MATERIALLY ABOVE 2% IN A PERSISTENT WAY, WOULD USE TOOLS TO GUIDE IT BACK DOWN * POWELL: A 'STRING' IS NOT ONE REALLY GOOD EMPLOYMENT REPORT

* POWELL SAYS WE GOT ONE GOOD EMPLOYMENT READING IN MARCH; WE'D WANT TO SEE MORE LIKE THAT * POWELL SAYS WE ARE A LONG WAY FROM OUR GOALS

* POWELL: WE DON'T NEED TO GET ALL THE WAY TO OUR GOALS TO TAPER * POWELL: ARCHEGOS RISKS WERE NOT SYSTEMIC IN THEIR SCOPE

* POWELL: SEEMS LIKE THERE WERE RISK MANAGEMENT BREAKDOWNS AT SOME OF FIRMS * POWELL SAYS WE ARE LOOKING INTO POTENTIAL 'RISK MANAGEMENT BREAKDOWNS' RELATED TO ARCHEGOS INCIDENT

* POWELL: THAT IS WHAT WE'RE LOOKING INTO * POWELL SAYS PEOPLE IN HOMELESS ENCAMPMENT 'COULD BE YOU'; WE BRING THAT UNDERSTANDING INTO OUR WORK

* POWELL: , ASKED ABOUT A CENTRAL BANK DIGITAL CURRENCY, SAYS WE FEEL AN OBLIGATION TO UNDERSTAND THE TECH AND POLICY ISSUES VERY VERY WELL * POWELL: WE NEED TO SEE IF THAT WILL BE A GOOD THING FOR THE PEOPLE WE SERVE

* POWELL SAYS WE NEED TO UNDERSTAND HOW A DIGITAL CURRENCY WOULD WORK IN U.S. * POWELL: I AM LESS CONCERNED THAT ANOTHER COUNTRY HAS A CBDC FIRST

* POWELL SAYS WITH DOLLAR AS WORLD'S RESERVE CURRENCY, LESS CONCERNED THAT ANOTHER COUNTRY WOULD HAVE A DIGITAL CURRENCY FIRST * POWELL: I AM REALLY CONCERNED ABOUT GETTING IT RIGHT

* POWELL: FAR MORE IMPORTANT TO GET IT RIGHT THAN TO DO IT FAST * POWELL: THE CHINESE ONE IS NOT ONE THAT WOULD WORK HERE

* POWELL SAYS INFLATION EXPECTATIONS ARE NOW MORE CONSISTENT WITH FED'S 2% INFLATION TARGET THAN PRE-PANDEMIC * POWELL: BREAKEVENS ARE AT LEVELS PRETTY CLOSE TO MANDATE CONSISTENT

* POWELL: BOTTLENECKS - MATTER OF WHEN THEY WILL PASS THROUGH NOT WHETHER * POWELL SAYS SUPPLY SIDE WILL TAKE TIME TO ADAPT TO STRONG SURGE IN DEMAND

* POWELL: SOME ASSET PRICES ARE HIGH * POWELL SAYS SOME ASSET PRICES ARE HIGH

* POWELL: SEEING SOME THINGS THAT ARE A BIT 'FROTHY' * POWELL: HAS A TREMENDOUS AMOUNT TO DO WITH VACCINATIONS

* POWELL SAYS IT'S APPROPRIATE FOR FINANCIAL CONDITIONS TO REMAIN ACCOMMODATIVE * POWELL: FED FUNDS RATE HAS HELD WELL WITHIN TARGET RANGE

* POWELL SAYS WE DO EXPECT FURTHER DOWNWARD PRESSURE ON RATES * POWELL: WE DO EXPECT FURTHER DOWNWARD PRESSURE ON SHORT-TERM RATES

* POWELL: AT THIS POINT DID NOT SEE A NEED TO ADJUST IOER * POWELL: ASKED ABOUT CAPITAL REQUIREMENTS FOR BANKS, U.S. BANKS MADE IT THROUGH A REAL STRESS TEST VERY WELL

* POWELL SAYS CAPITAL IN THE BANKING SYSTEM IS IN A GOOD PLACE * POWELL SAYS WE ARE LOOKING AT WAYS TO MAKE MONEY MARKET FUNDS AND CORPORATE BOND FUNDS MORE RESILIENT

* POWELL: TREASURY MARKET STRUCTURE: DEALERS COMMITTING LESS CAPITAL THAN THEY DID 10-15 YEARS AGO * POWELL: LOT OF CAREFUL WORK GOING ON ABOUT TREASURY MARKET STRUCTURE

* POWELL SAYS THERE ARE SOME QUESTIONS ABOUT TREASURY MARKET STRUCTURE, WORKING BEING DONE TO SEE IF THERE'S SOMETHING WE CAN DO ABOUT IT * POWELL: NEEDS TO FUNCTION WELL FOR THE GOOD OF OUR ECONOMY

* POWELL: TREASURY DEPARTMENT WILL LEAD THE REVIEW OF TREASURY MARKET STRUCTURE * POWELL SAYS FED'S MBS PURCHASES ARE NOT MEANT TO PROVIDE DIRECT ASSISTANCE TO HOUSING MARKET

* POWELL: ASKED ABOUT MBS PURCHASES, SAYS THEY ARE CLOSELY RELATED TO TREASURY MARKET * POWELL SAYS FED WILL TAPER ASSET PURCHASES WHEN THE TIME COMES

* POWELL SAYS TIME FOR TAPER IS NOT YET * POWELL SAYS WE ARE NOT CLOSE TO 'SUBSTANTIAL FURTHER PROGRESS'

* POWELL: WHAT WE HAVE SEEN IS NOT CLOSE TO SUBSTANTIAL FURTHER PROGRESS * POWELL: WE'VE HAD ONE GREAT JOBS REPORT, IT'S NOT ENOUGH

* POWELL SAYS WE JUST NEED TO SEE MORE DATA * POWELL: ONLY THING THAT WILL GUIDE US IS HAVE THE TESTS BEEN REALIZED

* POWELL PRESS CONFERENCE ENDS