Jerome Powell Says Federal Reserve is Committed to Lowering Inflation

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Federal Reserve Chair, Jerome Powell spoke about the economic outlook this afternoon at the Economic Forum of New York. He said inflation remains too high and that slowing economic growth and softening labor conditions may be necessary to bring it down. Here's more from his speech, my colleagues and I remain resolute in our commitment to returning inflation to 2% over time. A range of uncertainties, both old ones and new ones complicate our task of balancing the risk of tightening monetary policy too much against the risk of tightening, too little given the uncertainties and risks and given how far we've come, the committee is proceeding carefully. We will make decisions about the extent of additional policy firming and how long policy will remain restrictive based on the totality of the incoming data, the evolving outlook and the balance of risks. Climate protesters approached the stage shortly before Powell was set to begin his remarks and security escorted them out of the room.