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- Fed's Chairman Powell: Reaching the standard of "substantial further progress" is still a ways off
Fed's Chairman Powell: Reaching the standard of "substantial further progress" is still a ways off
- Household spending is rising at especially rapid pace
- Housing demand remains very strong
- Overall business investment is increasing at solid pace
- Conditions in U.S. labor market have continued to improve, but there is still a long way to go
- Inflation has increased notably and will likely remain elevated in coming months before moderating
- To avoid sustained periods of unusually low or high inflation, the FOMC monetary policy framework seeks longer-term inflation expectations that are well anchored at 2 percent, its longer-run inflation objective
- Measures of longer-term inflation expectations have moved up from their pandemic lows and are in range that is broadly consistent with FOMC's longer-run inflation goal
- In assessing the appropriate stance of monetary policy, we will continue to monitor implications of incoming information for economic outlook and would be prepared to adjust stance of monetary policy as appropriate if we saw signs that path of inflation or longer-term inflation expectations were moving materially and persistently beyond levels consistent with our goal
- We are continuing to increase our holdings of Treasury securities and agency mortgage‑backed securities at least at their current pace until substantial further progress has been made toward our maximum-employment and price-stability goals
- While reaching the standard of "substantial further progress" is still a ways off, FOMC expects that progress will continue
- We will provide advance notice before announcing any decision to make changes to our purchases
- We at the Federal Reserve will do everything we can to support the recovery and foster progress toward our statutory goals of maximum employment and stable prices
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