Powell: You will see continued expeditious progress towards higher rates

  • Comments from Powell in the Q&A

Adam Button

Adam Button

Wednesday, 22/06/2022 | 14:05 GMT-0

22/06/2022 | 14:05 GMT-0

Powell June 22 2022

  • We are strongly committed to reducing inflation
  • Price stability is the bedrock of the economy
  • We understand the full scope of the inflation
  • Most recent indicators suggested we needed to accelerate pace of rate hikes
  • There are parts of the economy where demand exceeds supply and that’s what we’re focused on
  • We have not yet seen impacts of China lockdowns on supply chains but there are signs of a pickup in Chinese growth now
  • Want to raise rates to a ‘modestly restrictive level’
  • We do not think it is necessary to provoke a recession but we think it is essential to achieve price stability
  • Asked about 100 bps, said he will never take anything off the table

The comments are ongoing. I’ll try to stick to the relevant ones.

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