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Powell: Restoring Price Stability
Thank you for the opportunity to speak with you today. Let me first pause to recognize the millions who are suffering the tragic consequences of Russia's invasion of Ukraine. At the Federal Reserve, our monetary policy is guided by the dual mandate to promote maximum employment and stable prices. From that standpoint, the current picture is plain to see: The labor market is very strong, and inflation is much too high. My colleagues and I are acutely aware that high inflation imposes significant hardship, especially on those least able to meet the higher costs of essentials like food, housing, and transportation. ... (full story)
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*POWELL: FED WILL HIKE BY MORE THAN 25 BPS EACH TIME IF NEEDED
— Breaking Market News (@breakingmkts) March 21, 2022
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*Fed's Powell: Fed Faces 'Obvious Need to Move Expeditiously' in Raising Rates to Neutral Level --WSJ
— Dawson Swicegood (@dswicegood14) March 21, 2022
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Powell says ‘inflation is much too high’ and the Fed will take ‘necessary steps’ to address
Federal Reserve Chairman Jerome Powell on Monday vowed tough action on inflation, which he said jeopardizes an otherwise strong economic recovery. “The labor market is very strong, and inflation is much too high,” the central bank leader said in prepared remarks for the National Association for Business Economics. The speech comes less than a week after the Fed raised interest rates for the first time in more than three years in an attempt to battle inflation that is running at its highest level in 40 years. Reiterating a position the Federal Open Market Committee made in its post-meeting statement, Powell said ... (full story)
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