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Powell Asked on The Pain Necessary To Get Inflation Down

FED
  • Q: You've talked about the pain necessary to get inflation down, how do you look at that now?
    • A: Have been gratified to be able to achieve significant progress on inflation without big increase in unemployment. Same is true with growth - we've been saying we need to see below potential growth. I and my colleagues for the most part still believe that is likely to be true, to fully restore price stability.
    • One reason is the unwinding of pandemic distortions, and another is restrictive monetary policy - working together to bring down inflation. The first can bring down inflation without the need for higher unemployment. We're still going to be left with some ground to cover to get back to full price stability.
    • It's hard to say how much tightening is yet to come through the pipeline - think we're seeing the effects of all the hiking we did last year. One example is debt that had been termed out but will have to get rolled over, things like that where the effects are taking time to get into the economy. That's one of the reasons we have slowed down hiking this year, to give us a better sense of how much more, if we need to do, more.
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