Powell says the Fed won’t be distracted by politics as it moves strongly to bring inflation down
By Greg Robb
‘We will keep at it until the job is done,’ Fed chairman says
Federal Reserve Chairman Jerome Powell said Thursday the central bank won’t be distracted by political criticism as it moves interest rates higher to try to bring inflation down.
“I can also assure you that we never take into consideration external political considerations,” Powell said, during a moderated discussion at a Cato Institute monetary conference.
As the Fed moves interest rates higher, he has had the support of President Joe Biden. But progressive Democrats, including Sen. Elizabeth Warren, Democrat of Massachusetts, have argued that rate hikes are the wrong medicine for high inflation and will cause too much unemployment.
In other remarks, Powell said the Fed accepts its responsibility for price stability, which is 2% inflation over time.
The longer that inflation remains well above target, the greater the risk that the public begins to see higher inflation as the norm, Powell said.
That makes the costs of getting inflation down higher, he said.
“I can assure you that my colleagues and I are strongly committed to this project and we will keep at it until the job is done,” Powell said.
U.S. stocks opened lower on Thursday and the yield on the 10-year Treasury note rebounded to be almost unchanged from earlier weakness.
(END) Dow Jones Newswires
Copyright (c) 2022 Dow Jones & Company, Inc.
DC professor visits campus, speaks on leftist politics
Conservatives need to better understand the psychology of the left if they want to confront it, Assistant Professor David Azerrad...
Despite political turmoil, Vietnam is worth the risk of doing business
More than 1,000 years ago, in two separate battles, the Vietnamese military utilized sharpened stakes hidden in the Bạch Đằng river...
DOJ Is Waging Court Battle to Access Rep. Scott Perry’s Phone
Rep. Scott Perry of Pennsylvania now chairs the Freedom Caucus in the House of Representatives. The Freedom Caucus has had...
How the Watergate scandal forever changed reporting on US politics
Fifty years ago, the conviction of Gordon Liddy and James McCord Jr, both helping hands of President Richard Nixon, started...
WA Democrats choose Shasti Conrad as new leader
By Seattle Times staff reporter The Washington State Democratic Party chose Shasti Conrad, the former leader of the King County...
Biden speaks with Tyre Nichols’s parents ahead of video release – latest updates | Tyre Nichols
FBI director 'appalled' by Nichols video, says civil rights investigation openedFBI director Christopher Wray said he was “appalled” by video...