On the recordMarch 7, 2023
I think the costs of failure to restore price stability would be extremely high, and while there will be a cost to success, the cost of failure will be much higher.
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congress.govEditor's note · Context
Powell emphasizes the severe consequences of failing to control inflation.
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More from Jerome Powell
Oct 14, 2025
If we move too slowly, there may be unnecessary losses, painful losses in the employment market.
Oct 14, 2025
If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.
Jul 1, 2025
So we didn't overreact — in fact, we didn't react at all. We're simply taking some time.
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