Powell speech: If we go overboard, we have tools to support economic activity

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FOMC Chairman Jerome Powell comments on the political outlook following the Federal Reserve’s decision to raise the interest rate by 75 basis points to the 3.75-4% range after the November monetary policy meeting.

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“If we tighten too much, then we have the ability with our tools to support economic activity.”

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“On the other hand, if we go too far, after a year or two we realize that we don’t have inflation under control.”

“An error in the direction of not tightening enough carries the risk that inflation will consolidate, that employment costs will be higher.”

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“Employment costs go up over time.”

“Now we are focused on what is the level to which we have to take the rates.”

“I don’t know what we’ll do when we get there, by the way.”

“I try to make our message clear, that we have a way to go to get interest rates to a sufficient level.”

Source: Fx Street

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