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Chair Powell On Statement Adjustment, Questioned On Recession

FED

Q: Statement removed line about expected labor market remained strong and unemp rate higher in SEP. Does this mean the Fed is trying to induce a recession?

  • A: Not trying to induce a recession. Our goal is to get 2% inflation while keeping the labor market strong. This is a strong labor market. The pathways ahead have become much more challenging.
  • The sentence we deleted referred to monetary policy alone getting us to our objectives. But much is not down to monetary policy. It didn't seem appropriate so we took it out.
  • Lots of countries are looking at inflation of 10%, much down to commodity prices. We're seeing that here, gasoline prices. By the way, headline inflation is important for the public's expectations - why would they distinguish between core and headline. Expectations are very much at risk due to high headline inflation. The environment has become more difficult in last 4-5 months. Hence our resolution to get rates up to wherever they need to be in coming months.
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