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Tags: jerome powell | federal reserve rate hikes | inflation | recession | consumer sentiment | spending | u.s. economy

Fed's Powell: 'Clock Is Running' to Bring Inflation Down

Fed's Powell: 'Clock Is Running' to Bring Inflation Down
Federal Reserve Chairman Jerome Powell (Getty Images)

Wednesday, 29 June 2022 10:04 AM EDT

There is a risk U.S. Federal Reserve interest rate increases will slow the economy too much, but the bigger risk is persistent inflation that starts to let public expectations about prices drift higher, Fed chair Jerome Powell said Wednesday.

"The clock is kind of running on how long will you remain in a low-inflation regime ... The risk is that because of the multiplicity of shocks you start to transition into a higher inflation regime and our job is to literally prevent that from happening and we will prevent that from happening," Powell said at a European Central Bank conference.

While "there is a risk" the Fed slows the economy more than needed to control inflation, "I would not agree that is the bigger risk. The bigger mistake would be to fail to restore price stability."

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
There is a risk U.S. Federal Reserve interest rate increases will slow the economy too much, but the bigger risk is persistent inflation that starts to let public expectations about prices drift higher, Fed chair Jerome Powell said Wednesday.
jerome powell, federal reserve rate hikes, inflation, recession, consumer sentiment, spending, u.s. economy
136
2022-04-29
Wednesday, 29 June 2022 10:04 AM
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