Speech by the Chair of the Federal Reserve, Jerome Powell, at Jackson Hole:
• Inflation remains very high, and the Federal Reserve’s focus should remain primarily on prices.
• The 2% inflation target for the Personal Consumption Expenditures (PCE) price index is unchanged.
• Summer inflation data has improved, but underlying trends have not seen any significant shift.
• The Federal Reserve still has a lot of work to do before inflation returns to the target level “clearly and sufficiently quickly.”
• Labor markets are stable and consistent with full employment.
• Overall financial conditions are not restrictive.
• A “large majority” supported waiting before changing interest rates in July.
• Inflation remains very high, and the Federal Reserve’s focus should remain primarily on prices.
• The 2% inflation target for the Personal Consumption Expenditures (PCE) price index is unchanged.
• Summer inflation data has improved, but underlying trends have not seen any significant shift.
• The Federal Reserve still has a lot of work to do before inflation returns to the target level “clearly and sufficiently quickly.”
• Labor markets are stable and consistent with full employment.
• Overall financial conditions are not restrictive.
• A “large majority” supported waiting before changing interest rates in July.
