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Powell Says Labor Market Is Very Very Strong, Focus On Inflation

FED
  • Q: What would you do if the economy enters recession before signs that inflation is slowing, i.e. stagflation?
    • A: Don't want to get into hypotheticals. We have to use our tools to support max employment and price stability. The labor market is very very strong - we're missing by a lot on the inflation side. So we need to focus on getting it under control. As the economy heals, both goals come into play, but now the focus has to be on inflation.
  • Q: Structural labor shortage in the economy?
    • A: When you look at demand and supply for labor, you're more than 4mn people short. Participation isn't moving up. Why is that? Accelerated retirements; we lost 1/2 million who would have been working but died of Covid; part of it is that migration is lower. Not our job to prescribe things, but if you ask businesses, they say there aren't enough people.
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