Jerome Powell's full speech from US Fed Jackson Hole Symposium. Read here
US Federal Reserve Chair Jerome Powell on Thursday delivered a speech at the Jackson Hole Symposium, titled ‘Inflation: Progress and the Path Ahead'. The economic policy symposium “Structural Shifts in the Global Economy," is sponsored by the Federal Reserve Bank of Kansas City. Good morning.
At last year's Jackson Hole symposium, I delivered a brief, direct message. My remarks this year will be a bit longer, but the message is the same: It is the Fed's job to bring inflation down to our 2 percent goal, and we will do so. We have tightened policy significantly over the past year.
Although inflation has moved down from its peak—a welcome development—it remains too high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective. Today I will review our progress so far and discuss the outlook and the uncertainties we face as we pursue our dual mandate goals.
I will conclude with a summary of what this means for policy. Given how far we have come, at upcoming meetings we are in a position to proceed carefully as we assess the incoming data and the evolving outlook and risks. The ongoing episode of high inflation initially emerged from a collision between very strong demand and pandemic-constrained supply.
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