The sense of it, though, is that we want inflation to average 2 percent over time, and the reason we want that is that we want inflation expectations to be anchored right at 2 percent and not somewhat below 2 percent, which is arguably the case now.
Powell explains the Fed's goal for inflation expectations.
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Job growth, he said, has slowed considerably and that the downside risks to employment are rising.
If we move too slowly, there may be unnecessary losses, painful losses in the employment market.
without the ability to pay interest on reserves, the Fed would lose control over rates
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