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- Powell speech: Getting inflation down while the unemployment rate only rises to 4.1% would be success
Powell speech: Getting inflation down while the unemployment rate only rises to 4.1% would be success
Fed Chair Jerome Powell said in his usual post-Fed meeting press conference that if the Fed can bring inflation down whilst the unemployment rate only rises to 4.1%, that would be a successful outcome, as that is still a historically low level, reported Reuters. The Fed does not seek to put people out of work, of course, Powell continued, but it is not possible to sustain the current strong labour market in the absence of price stability.
The Fed is not trying to induce a recession, Powell noted, restating the Fed's goal to get inflation back to 2.0% whilst maintaining a strong labour market. The pathway to achieving this has become more challenging, Powell conceded, noting that the Fed will get rates up to where ever they need to be in the coming months.
The Fed is watching consumer spending very closely, Powell added, noting that while the Fed is seeing shifts in consumption, overall spending remains very strong. Consumer are spending and there is no sign of a broader slowdown in the economy, he continued, adding that the Fed sees the economy slowing a bit but still at healthy growth levels.
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