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Powell See FOMC as Obligated to Restore Price Stability

FED

- Q: What's your message to consumers who can no longer afford the basics due to high inflation?

  • A: We take to heart that it's our obligation to restore price stability...we've had price stability for a very long time and came to take it for granted, now we see the pain. "I'm old enough to remember what very high inflation was like."
  • (Then repeats most of what he's said before about being prepared to use tools, raising rates, shrinking balance sheet, the economy able to handle rate hikes, etc...even repeats about the 1.7 job openings for every unemployed person stat)

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