Many Fed officials are already talking about it during the last 2 weeks but the market still decide to rally. Only when Powell talks about the same thing, the market finally reacted. Basically it's the same that Fed is always talking about. High rates of around 4% is needed, rates are here to stay for some time, and yes, there will be pain. Unemployment will go up, market will slow down and might even experience hard landing. Pain, soft/hard landing are already in the speeches during few months ago. It's a real bear market so let's not bluff ourselves. There will be some relief rally from time to time, even as much as 20%. Make use of it if you have the technical skill but do not mistake it as the start of a whole new bull. Take care and be cautious.