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Chair Powell Questioned On If Inflation Remains Where It Is For Next Six Months

FED
  • Q: Do you want another term on the Fed?
    • A: I don't have a stance on that. That is not something I am focused on.
  • Q: What happens if inflation stays where it has been the last six months for the next six months?
    • A: We will update our inflation forecasts at the next meeting. We will be reacting to the data. If we get strong inflation data and it kicks back up, then we will go slower, later, or both. If we got really good inflation data soon, that would tell us that we could go sooner, and perhaps go faster. We will weigh that with all the other factors. We are setting policy based on the totality of the data.
    • I think if we came to the view that the 6 month inflation numbers are very close to 2, in PCE terms, if we thought that is where we really would be, then yes, our policy would be in a different place. It would. But that is the whole point. We are trying to get comfortable and gain confidence that it is on a sustainable path down to 2%.
  • Q: How do you assess consumer confidence improving?
    • A: In recent surveys, you have seen a couple of significant increases in consumer confidence, or happiness with the economy. I guess that is a good thing. That can support spending, support economic activity. There is some evidence of that. I think levels of confidence are still maybe not as high as they have been at various times, but they certainly have come up.
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