Transcript: Fed Chief Powell’s Postmeeting Press Conference

wsj.com:

Federal Reserve Chairman Jerome Powell discussed why the central bank increased interest rates by three quarters of a percentage point for the second time in as many monetary policy meetings, during a press conference after the Fed’s meeting Wednesday. With inflation well above the central bank’s 2% target, Mr. Powell signaled further increases in the target range for the federal-funds rate, adding that another unusually large increase could be appropriate at the Fed’s next meeting. He also noted that while the U.S. economy is slowing, he does not believe it is in a recession.

JEROME H. POWELL: Good afternoon. My colleagues and I are strongly committed to bringing inflation back down, and we’re moving expeditiously to do so. We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses. The economy and the country have been through a lot over the past two and a half years and have proved resilient. It is essential that we bring inflation down to our 2 percent goal if we are to have a sustained period of strong labor market conditions that benefit all.