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MNI BRIEF: Powell-Need  Restrictive Policy For Some Time

(MNI) WASHINGTON

Federal Reserve Chair Jerome Powell says officials are looking for compelling evidence that inflation is moving back down to target before easing off from its aggressive monetary tightening stance.

“We'll need to bring our funds rate to a restrictive level and to keep it there for some time,” Powell told reporters. “Reducing inflation is likely to require a sustained period of below-trend growth and will likely require some softening in the labor market.”

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Federal Reserve Chair Jerome Powell says officials are looking for compelling evidence that inflation is moving back down to target before easing off from its aggressive monetary tightening stance.

“We'll need to bring our funds rate to a restrictive level and to keep it there for some time,” Powell told reporters. “Reducing inflation is likely to require a sustained period of below-trend growth and will likely require some softening in the labor market.”

Keep reading...Show less