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Question On Fiscal Headwinds & Final Question On Soft Landing

FED
  • Q: Re fiscal
  • A: In theory it was a headwind this year; don't know how big they are. They haven't shown up the way we thought they would in restraining household spending. It must have to do with household savings.
  • Final Q: Has the window for a soft landing narrowed? Is it still possible?
  • A: Has it narrowed? Yes. Is it still possible? Yes.
  • We've always said it was going to be difficult. I think to the extent rates have to go higher and stay higher for longer, it becomes harder to see the path. I would say the path has narrowed over the course of the last year. It's hard to say.
  • Job losses may turn out to be less than may be indicated by those traditional measures. That's going to be something we discover empirically.
  • No one knows if there's going to be a recession or not, and if so, how bad that recession would be. Our job is to restore price stability so that we can have a strong labor market that benefits all. That's what we're going to do.
  • I think the inflation picture has become more and more challenging over the course of this year, without question. That means that we have to have policy be more restrictive, and that narrows the path of a soft landing.
  • PRESS CONFERENCE ENDS
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