Federal Reserve Chairman Jerome Powell on the second day of his semi-annual testimony before the US Congress, he said that, in hindsight, we should have acted sooner to recognize that inflation is more durable.
Featured Statements
“We are short of workers right now.”
“For the most part, real wages are declining.”
“That’s why we need to control inflation.”
“We’re going to use our tools, we’re going to do this.”
He says “yes” when asked if he is prepared to do what is necessary with inflation.
“Sanctions make it difficult for Russia’s central bank to support the ruble.”
“We have been feeling small amounts of progress in supply chains.”
“We haven’t seen much relief on the supply side.”
“An unexpected byproduct of the Ukraine war is that it won’t help with supply problems.”
“We haven’t seen much relief on the supply side.”
“There is no problem with labor demand.”
“We have a labor supply problem.”
“Getting through the pandemic, higher wages should help with that.”
“In the short term, overcoming supply chain problems would help reduce inflation.”
“Higher oil prices will be reflected in higher inflation.”
“The question will be what will be the extent and persistence of this inflation.”
“Additional inflationary pressure increases the risks that inflation expectations will rise.”
Source: Fx Street
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