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FED: Powell Says FOMC has Growing Confidence, But Not Quite There

FED
  • Q: Why is restrictive policy warranted right now?
    • A: We've said in our statement that we're going back to looking at both mandates, and that we think the risks are coming back into balance.  We think what the data broadly shows in the labor market is an ongoing gradual normalization of labor markets.  That's what we want to see.  We've seen that over a period of a couple of years, from overheated to more normal conditions.  We're watching the labor market conditions quite closely.  That's what we're seeing if we start to see something that looks to be more than that, then we're well positioned to respond.
    • When we were far away from the inflation mandate, we had to focus on that.  We'll be looking at labor market conditions and asking whether we're getting what we're seeing and as I said we're prepared to respond if we see it that it is not what we wanted to see.  It wouldn't be any one statistic.  Although the unemployment rate is generally thought to be a good single statistic.  We would be looking at wages.  We would be looking at participation.  We would be look at all of the things.  Surveys, quits, hires, all of those things to determine the overall status of the labor market.  I don't think of the labor market in its current state as a likely source of significant inflationary pressures.
    • We have made real progress on inflation.  We've got growing confidence there.  We are not quite there yet.
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