FOMC Press Conference

Fed Powell:

- Inflation is way too high

- We see the difficulty and are working to reduce inflation as quickly as possible

- It is critical that we keep inflation low to have a strong labor market

- The labor market is extremely tight and inflation is much too high

- We are beginning the process of significantly reducing our balance sheet

- Overall economic activity nudged down in the first quarter

- Labor supply remains subdued

- Wages are rising at the fastest pace in many years

- Demand in the economy is strong

- Inflation is still well above the longer-run target of 2%

- High inflation imposes significant hardship

- Supply disruptions are bigger and lingering longer than expected

- 50 basis point hikes should be on the table at the next few meetings

- We will remain data dependent

- We believe that continued interest rate hikes are justified

- A reduction in the balance sheet will be very important

04 May 22 (Wed)

07:12 pm