“No one should doubt” the Fed’s determination to curb high inflation for the first time in decades, said Federal Reserve Chairman Jerome Powell on the 17th.
“What we have to see is a clear and convincing decline in inflation, and we will continue to work until we confirm it,” he said at an event hosted by The Wall Street Journal. .. “If that goes beyond the widely understood neutral level, we will do it without any hesitation,” he said.
FOMC, 0.5-point rate hike-FRB chair suggests continued rate hike (2)
Powell reiterated the guidance given at the Federal Open Market Committee (FOMC) earlier on the 50 basis point (bp, 1bp = 0.01%) rate hike: “If the economy works as we expected, it will be on the agenda. Will go up. “
The upper bar graph is the CPI from the previous month, the line graph is the same core index, and the lower is the CPI from the same month of the previous year.
Source: US Bureau of Labor Statistics
US Consumer Price Index: April Growth More Than Expected-Inflation Suggests Prolonged Inflation (2)
“The economy is strong and in a good position to withstand the recession of monetary easing and policy tightening,” Powell said. “It can be painful to regain price stability, but we believe we can maintain a strong labor market,” he said.
Original title:Powell Says Fed Will ‘Keep Pushing’ Until Inflation Coming Down(excerpt)
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