We know that high inflation takes a toll on families, especially those less able to meet the higher costs of essentials, like food, housing and transportation. We will use our tools both to support the economy and strong labor market and to prevent higher inflation from becoming entrenched.
Powell addresses the impact of inflation on families and outlines the Federal Reserve's commitment to managing the economy and labor market.
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Job growth, he said, has slowed considerably and that the downside risks to employment are rising.
If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well.
If we move too slowly, there may be unnecessary losses, painful losses in the employment market.
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