Powell at the ECB forum

  • US fiscal policy more-than fully supported lost incomes
  • Because of bottlenecks, this is an unusual situation
  • Estimates of Q3 GDP have come down, though still at strong levels
  • We expect inflation to moderate as bottlenecks ease
  • Financial market pricing is well-aligned with transitory inflation
  • If inflation lasts long enough, we monitor if it could push up expectations. That would be a serious concern
  • There is a sense of urgency in wanting to push ahead of central bank digital currency, but we won't rush it