Federal Reserve Chair Jerome Powell said Friday inflation remains too high and the social costs of not bringing it down would be great, reinforcing the central bank’s commitment to bringing price growth back to the Fed’s 2% target.

“We think that failure to get inflation down would not only prolong the pain but also increase ultimately the social cost of getting back the price stability, causing even greater harm to families and businesses and we aim to avoid that by remaining steadfast in pursuit of our goals," Powell told a research conference at the Federal Reserve Board of Governors in Washington. The FOMC is set to debate pausing rate hikes at its June meeting. (See: MNI INTERVIEW: Fed Seen Pausing in June, Could Restart-Acharya)

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com

US Central Bank News Policy News Homepage Federal Reserve North America Brief Story Region

Pedro Nicolaci da Costa

Pedro covers Federal Reserve policy and the economy for MNI in Washington DC.

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com

US Central Bank News Policy News Homepage Federal Reserve North America Brief Story Region

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MNI BRIEF: Powell: Inflation Too High, Must Get Back To Target