Powell: Fed Can Look Past Energy Shock, But Won't Ignore Inflation Risks

• Jerome Powell reaffirms Fed's commitment to 2% inflation target, signaling no rush to change policy.
• Monetary policy is in a 'good place' to assess evolving conditions, Powell stated at Harvard University.
• Fed can 'look through' energy price shocks if short-lived, but current elevated inflation may differ.
• Central bank will monitor if rising prices shift inflation expectations among households and businesses.
• Powell's remarks come as markets expect steady interest rates, with his term ending May 15.