FOMC Chairman Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs on the “Semi-annual Monetary Policy Report to Congress.”
Featured Statements
“Higher interest rates are painful, but it is the tool we have to bring down inflation.”
“The biggest pain would be if we allow this high inflation to continue.”
“It’s not too late for us to do this job on inflation.”
“Our goal is to achieve 2% inflation while maintaining a strong labor market.”
“I would never take any rate hike size off the table.”
“We will do whatever it takes to restore price stability.”
“We need convincing evidence that inflation is coming down, we don’t have that right now.”
“Core PCE has moderated over the course of this year, it’s still much higher than it needs to be.”
“We have to keep moving until we actually see inflation coming down.”
“I don’t see the likelihood of a recession being particularly high right now.”
market reaction
The dollar index rallied modestly following these comments, last losing 0.35% on the day at 104.05.
Source: Fx Street
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