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- Powell speech: Would take somewhere in the range of three years to get balance sheet where we want it
Powell speech: Would take somewhere in the range of three years to get balance sheet where we want it
Fed Chair Jerome Powell, speaking before Congress on the first day of his semi-annual testimony, said that it would take somewhere in the region of three years to get the balance sheet to where they want it, Reuters reported. After setting a reduction course, Powell continued, the Fed may speed it up or slow it down, but it is likely to take something in the range of three years.
Additional Remarks:
"Inflation is also too high in the service sector."
"Lower immigration is definitely part of the story of labor shortage."
"We are watching global markets and dollar funding markets for stresses as a result of the war in Ukraine."
"Markets are functioning right now."
"We do expect to move the policy rate up in a series of rate increases this year."
"It is our plan to return to price stability while supporting continued expansion."
"It is very important the Fed gets on top of strong and high inflation."
"The labor market is extremely strong."
"From that standpoint, we are in a good situation for getting inflation under control."
"Workers will still get good jobs and pay increases for some time."
"The economy can withstand our rate increases."
"We need to get demand and supply back in alignment."
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