On a visit Monday to York, Pennsylvania, Chair Jerome Powell got an earful from a group with a decidedly different perspective: Small-business people who are grappling personally with inflation, high interest rates, labor shortages and other challenges of the post-pandemic economy. It's very hard to operate a business without predictability.”Political Cartoons View All 1190 ImagesKeene noted that her parents had experienced high inflation when they ran the business back in the 1980s. As a result, her father said, “I don't have any wisdom to give you.”“We'll get inflation down," Powell said after listening to her concerns. The policymakers predicted that inflation would fall to about 2.6% by the end of 2024, with only a small rise in the unemployment rate. “What we all desire," Powell said, “is a sustained period of strong labor market conditions,” which can boost wages for the lowest-income workers.

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Persons: Jerome Powell, Powell, Patrick Harker, Patties, “, ”, Julie Flinchbaugh Keene, Keene Organizations: — Federal Reserve, Federal Reserve Bank of Philadelphia, Farm Locations: Washington, York , Pennsylvania, York, Orchard