On the recordJune 20, 2023
The Committee is completely unified in the need to get inflation down to 2 percent, and we will do whatever it takes to get it down to 2 percent over time.
Source
congress.govThe Committee is completely unified in the need to get inflation down to 2 percent, and we will do whatever it takes to get it down to 2 percent over time.
Powell emphasizes the commitment to reducing inflation to the target rate.
Share
More from Jerome Powell
Overall, while the labor market appears to be in balance, it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers.
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.
If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.
Stopping sooner could have made some difference, but not likely enough to fundamentally alter the trajectory of the economy