The average U.S. workweek has dropped by more than a half hour over the last three years.
The Fed chair says preventing a rerun of the inflations remains priority number one. But the signal is shifting.
The risk is that tighter credit eventually catches up with the economy and triggers a recession.
The target benchmark rate rose by a quarter percentage point, to the 4.5% to 4.75% range.
A variety of factors are combining to dissipate some of the economic gloom.
Crypto, tech and housing prices have fallen off a cliff without upending the financial system.
Lending standards for credit cards and other consumer loans also became more restrictive.
Fed officials have made plain that it would take a lot to push them off the path to 4.5%.
The Fed will seek to avoid an actual recession, but leaders like Powell acknowledge that rate hikes will cause pain.
Economists say it keeps growing less likely that the Fed can conquer inflation without a recession.
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