Sounds like these words from Powell is what caused the big fall in POG/POS - happened as Powell was speaking. I think there will not be much joy in the short-term for POG/POS.
"At some point, it will become appropriate to slow the pace of increases. That time is coming, and it may come as soon as the next meeting or the one after that. No decision has been made, To be clear, let me say again, the question of when to moderate the pace of increases is now much less important than the question of how high to raise rates and how long to keep monetary policy restrictive."
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