On the recordJune 20, 2023
We at the Fed remain squarely focused on our dual mandate to promote maximum employment and stable prices for the American people.
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congress.govWe at the Fed remain squarely focused on our dual mandate to promote maximum employment and stable prices for the American people.
Powell emphasizes the Federal Reserve's commitment to employment and price stability.
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So we didn't overreact — in fact, we didn't react at all. We're simply taking some time.
In effect, we went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.
without the ability to pay interest on reserves, the Fed would lose control over rates
Tariffs this year are likely to push up prices and weigh on economic activity.