Federal Reserve (FED) Chairman Jerome Powell made significant remarks about the economy following the latest interest rate decision. Powell stated that the FED’s tight monetary policy would continue and that the full effects of tightening measures had not yet been felt. Additionally, he emphasized that a strong job market is critical for price stability and noted that inflation appeared to have eased somewhat.
Determined to Bring Inflation to the 2% Level
However, Powell also expressed that the current monetary policy remains tight, and they are extremely determined to bring inflation to the targeted 2% level.
“We will look at incoming data, and if necessary, we are ready to raise interest rates further.”Jerome Powell
He also stressed that they would continue to maintain high interest rates until they are confident that inflation is moving toward the 2% level.
Powell: Ready to Do Whatever It Takes to Achieve Goals
FED Chairman Powell stated that they are ready to do whatever it takes to achieve their inflation goals. He also added that most policymakers believed that another interest rate hike would likely be appropriate.
In conclusion, Powell’s remarks underscore that controlling inflation and ensuring stable economic growth remain top priorities for the FED, and they are highly committed to these objectives.