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- Powell speech: No one knows if we will get a recession
Powell speech: No one knows if we will get a recession
FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 75 basis points to the range of 3-3.25% following the September policy meeting.
Key quotes
"Plausible that job openings could come down without as much of increase in unemployment."
"Longer run inflation expectations this cycle have remained fairly well anchored."
"That will also make it easier to bring inflation down."
"Part of inflation caused by supply shocks."
"Commodity prices look like they may have peaked."
"If supply shocks also abate, could also ease pressures on inflation."
"Restoring price stability while achieving soft landing is challenging."
"No one knows if we will get a recession, or if so, how deep it would be."
"Chances of a soft landing also likely to diminish to the extent that policy needs to be more restrictive or restrictive for longer."
"But not bringing down inflation would bring far greater pain."
"We believe we need to raise policy stance to restrictive level."
"By restrictive, I mean putting meaningful downward pressure on inflation."
"It needs to meaningfully put downward pressure on inflation."
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