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Powell: "I Don't Think We Are Behind The Curve"

FED

Q: Given long and variable lags to policy, and Fed forecasts chasing inflation over the last year, possible to have to raise rates faster and further than you would have liked, and leading to recession?

  • A: "Inflation has come in higher than expected. Bottlenecks have been more persistent and more prevalent. We see that just like everybody else does. We see they are now on track to persist well into next year. That was not expected by us or other forecasters."
  • Says it's "very, very difficult to forecast" and "not easy to set policy". "We have to set policy though.
  • "To look at your question this way, I don't think we are behind the curve. I believe policy is well-positioned to address the range of plausible outcomes. That is what we need to do. I think it's premature to raise rates today. I don't think it's controversial. I don't see anyone arguing for that today."
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