Powell reaffirms Fed’s commitment to bringing inflation down before Senate
• He acknowledged that inflation needs to come down
Federal Reserve Chairman Jerome Powell testified before the Senate Banking, Housing, and Urban Affairs Committee at a hearing on the semiannual monetary policy report to Congress.
Powell spoke before the committee on fighting inflation and the state of the economy. He said that the central bank is determined to bring down inflation and can make that happen.
“At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” the Fed chief said in remarks for the Committee. “We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses.”
He acknowledged that inflation needs to come down.
“Over coming months, we will be looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2%,” Powell said. “We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy.”
Source - Federal Reserve
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