Watch Fed chair Jerome Powell explain how (and why) a 25bps rate hike will be enough to combat 7.9% inflation. And while watching his videoconference, which in the past has been meant to offset the kneejerk response to the Fed's prepared statement, here is a cheat sheet to decide if he is leaning hawkish or dovish, courtesy of Newsquawk: Dovish: No B/S normalization calendar guide: walks back on every meeting in 2022 being live for rate hikes and pushes back on 50bps concern over sudden tightening of financial conditions: Ukraine growth shock concerns Consensus: B/S normalization calendar guide every meeting live for rate hikes, keeps door open for 50bps expects inflation to come down this year, albeit later than before Hawkish: B/S normalization details/guide for May start expresses appetite for 50bps hikes ahead front-loaded hikes worried most about inflationary impulses from Ukraine concern over long-run inflation expectations And for those who can't wait to start drinking, here is your FOMC drinking game: