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Powell Says FOMC Prepared To Tighten Further If Appropriate

FED
  • Q: You say policy is restrictive but we've seen growth surprise to the upside, unemployment to the downside, and inflation lately to the downside. Do you think you might need to do more? What do you see as inflation dynamics now, is the economy still moving in a direction where it creates more inflation, or is the economy disinflating?
  • A: We want to see easing of supply constraints and normalization of pandemic related distortions to demand and supply, growth running at modest/moderate levels to help ease inflationary pressures, restoration of supply and demand balance particularly in the labor market - all that should lead to declining inflationary pressures. We see pieces of the puzzle coming together but what our eyes are telling us is policy has not been restrictive enough for long enough to have its full desired effects. So we intend to keep policy restrictive until we're confident that inflation is coming down sustainably to our 2 percent target. And we're prepared to further tighten if that is appropriate. We think the process still probably has a long way to go.
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