Powell speech: Wages are rising at fastest pace in many years

Jerome Powell, Chairman of the Federal Reserve System, is delivering his remarks on the monetary policy outlook at a press conference following the FOMC's decision to hike the policy rate by 50 basis points in May.

Key quotes

"Inflation is much too high."

"We understand the hardship and moving expeditiously to bring inflation down."

"Essential we bring inflation down to keep strong labor market."

"Labor market is extremely tight."

"Improvements in labor market conditions have been widespread."

"Labor demand is very strong."

"Labor supply remains subdued."

"Wages are rising at fastest pace in many years."

"Inflation is well above goal."

"Demand in economy is strong, supply chain issues are persisting."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term*. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."

"*Note: On February 4, 2022, the Federal Reserve Board named Jerome H. Powell as Chair Pro Tempore, pending Senate confirmation to a second term as Chair of the Board of Governors."