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Chair Powell Asked What He Would Say To Those Who May Lose Jobs

FED
  • Last Q: What would you say to those who may lose their jobs in the fight against inflation?
  • A: The first thing I'd say to every household is that we know that inflation is too high. We understand how painful it is, particularly for people who are living paycheck to paycheck and spend most of that paycheck on necessities. Middle class and better-off people have some resources where they can absorb these things. Many people don't have those resources.
  • It's our job, our institutional role, we're assigned uniquely and unconditionally, the obligation of providing price stability to the American people.* There'll be, in all likelihood, some softening in labor market conditions. We need growth to slow to below potential growth.
  • We don't want this to be bigger than it needs to be, but ultimately, if you think about the medium and longer term, price stability is the thing that makes the whole economy work. It's what can give us a strong labor market and wages that aren't being eaten up by high inflation. If you talk to people who are making relatively low wages, they're the ones who are suffering the most from inflation. So, it's all the more reason why we need to move on this.
  • Q&A Ends
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