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Chair Powell On What Constitutes Substantially More Evidence

FED
  • Q: Can you give us some idea of what constitutes substantially more evidence of inflation coming down?
  • A: I don't think there's going to be a light switch flipped. It is an accumulation of evidence. By the March meeting we will have two more employment and CPI reports and we will be looking at those carefully and what they are telling us. Soon after that we will have another ECI wage report. The one we got yesterday was constructive with wages coming down but still at a high level. I don't want to put a number on it in terms of months, but as the accumulated evidence comes in, it will be reflected in our assessment of the outlook and in our policy over time.
  • We are strongly resolved that we will complete this task of restoring price stability.
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