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"We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters." After a short delay, Powell noted the labor market and economic growth may need to slow to ultimately achieve the Fed's goal. "Still, the record suggests that a sustainable return to our 2 percent inflation goal is likely to require a period of below-trend growth and some further softening in labor market conditions," Powell said. "We're very far from the effective lower bound, and the economy is handling it just fine," Powell said. Robust job creation in September and a slow pace of layoffs could put progress on inflation at risk.
Persons: Jerome Powell, Powell Organizations: Economic, of New, Defiance, Fed Locations: of New York
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