“What we need to see is inflation coming down in a clear and convincing way,” Chair Jerome Powell said in remarks to a Wall Street Journal conference.
“What we need to see is inflation coming down in a clear and convincing way,” Powell said in remarks to a Wall Street Journal conference. “And we’re going to keep pushing until we see that.”
Powell’s remarks Tuesday followed other statements he has made that have indicated the Fed is implementing a series of rate hikes that could amount to the fastest tightening of credit in more than 30 years. When asked if the Fed’s rate hikes could disrupt financial markets, without necessarily bringing down inflation, Powell responded, “I don’t see that happening.”
The S&P 500, a broad market index, has tumbled about 15% from its January peak. That’s just short of the 20% decline that marks a bear market. Yet many economists say Powell is unlikely to let market disruptions change the Fed’s path, given that inflation has soared to such high levels and is causing hardships for millions of households.
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