More from Powell - firmly committed to getting inflation back down to 2%

Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the Read this Term Powell interview, earlier post is here:

• Fed Chair Powell says factors outside the Fed's control may mean a hard landing

More now, highlights via Reuters:

• process of getting inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term down to fed's 2% goal will 'include some pain'
• one thing we really cannot do is to fail to restore price stability
• ultimately it would be more painful if we don't deal with high inflation and let it get entrenched
• allowing high inflation would mean a much deeper downturn
• we think it would be appropriate for there to be additional 50 bps rate hikes at next 2 fed meetings
• if things get better than we expect we're prepared to do less; if worse, we're prepared to do more
• "you’ve seen this committee adapt to the incoming data and the evolving outlook. and that’s what we’ll continue to do."
• there are pathways to a soft landing
• with perfect hindsight, would been better for us to have raised rates sooner
• asked about labor market remarks, says "when i said unhealthy, what i really meant was that there’s an imbalance between demand and supply, and companies can’t find workers."
• the committee and i are firmly committed to getting inflation back down to 2%
• labor demand and supply imbalance a 'significant part of the inflationary story'
• we want is wages that are consistent with 2% inflation
• asked what he is thinking in five words or less, says "get inflation back under control"

That final point is historic. It may well be the first time ever a central banker has said anything in 5 words or less.