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WASHINGTON (MNI) - The following is the portion of a transcript from
Federal Reserve Chairman Jerome Powell's press conference after the FOMC meeting
Q: You described the recent slide inflation expectations as unwelcomed. You
said that inflation expectations are very important. What if anything would the
committee be prepared to do to address this slide in inflation expectations if
A: We do think that inflation expectations are quite central in our
framework. We need them to be anchored in a level that's -- at a level that's
consistent with our symmetric 2% inflation goal. And we think that knee weed to
conduct policy in a way that supports that outcome. That's what we are doing
now. We are also as part of our review looking at potential innovations changes
to the way we think about things, changes to framework that would lead us to --
that would be more supportive of achieving inflation on a 2% symmetric 2% basis
over time. That's at the very heart of what we are doing. We haven't made them
the decisions yet. But we are in the middle of thinking about ways that we can
make that symmetric 2% inflation objective more credible but achieving symmetric
2% inflation. It comes down to using your policy tools to achieve 2% inflation
and that's -- that's the thing that must happen for creditability in that area.
We are in the middle of it now but my thinking is are run in to the middle of
next year. Inflation targeting took years. We will wrap it up around the middle
of next year. I have some confidence in that
--MNI Washington Bureau; +1 202 371 2121; email: firstname.lastname@example.org