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- Fed's Chairman Powell: The challenge Fed is confronting is how to react to this inflation which is larger than expected
Fed's Chairman Powell: The challenge Fed is confronting is how to react to this inflation which is larger than expected
- We don't know where labor force participation will settle
- It will take a number of years to figure out labor force participation
- Many people retired during the pandemic
- Would be prepared to deploy counter-cyclical capital buffer if needed
- Financial institutions remain well-capitalized
- Says he doesn't think there is big difference between Treasury and mortgage-backed securities (MBS) purchases
- Housing prices are going up by 15% because of many factors including monetary policy
- Inflation is not tied to usual factors like a tight labor market or tight economy
- This is a shock to the system associated with reopening
- This particular type of inflation is unique in history
- Fed will continue to evaluate the risks that affect inflation
- Policy will be accommodative for quite a while
- We would want broad support in society and congress before creating central bank digital currency (CBDC)
- Our obligation is to explore both the technology and policy issues to make informed recommendation on CBDС
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