Jerome H. Powell, the chair of the Federal Reserve, pledged during a closely watched speech that his central bank would stick by its push to stamp out rapid inflation “until the job is done” and said that officials stood ready to raise interest rates further if needed.
Mr. Powell, who was speaking Friday at the Federal Reserve Bank of Kansas City’s annual Jackson Hole conference in Wyoming, said that the Fed would “proceed carefully” as it decided whether to make further policy adjustments after a year and a half in which it had pushed interest rates up sharply.
But even as Mr. Powell emphasized that the Fed is trying to balance the risk of doing too much and hurting the economy more than is necessary against the risk of doing too little, he was careful not to take a victory lap around a recent slowing in inflation.
His speech hammered home one main point: Officials want to see more progress to convince them that they are truly bringing price increases under control.
“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,” Mr. Powell said, comparing his speech to a stern set of remarks he delivered at last year’s Jackson Hole gathering.
Persons:
Jerome H, Powell, Mr, Jackson
Organizations:
Federal Reserve, Federal Reserve Bank of, Jackson
Locations:
Federal Reserve Bank of Kansas, Wyoming