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2022-08-27Powell's 2022 Jackson Hole Opening Remarks
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○ At past Jackson Hole conferences, I have discussed broad topics … Today, my remarks will be shorter, my focus narrower, and my message more direct.
○ The FOMC’s overarching focus right now is to bring inflation back down to our 2 percent goal. …
○ Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance. … they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.
○ While the latest economic data have been mixed, in my view our economy continues to show strong underlying momentum. … While the lower inflation readings for July are welcome, a single month's improvement falls far short of what the Committee will need to see …
○ We are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2 percent. In current circumstances, ..., estimates of longer-run neutral are not a place to stop or pause.
○ Our decision at the September meeting will depend on the totality of the incoming data and the evolving outlook. At some point, as the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases. …
○ Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy. …
○ It is also true, in my view, that the current high inflation in the United States is the product of strong demand and constrained supply, and that the Fed's tools work principally on aggregate demand. None of this diminishes the Federal Reserve's responsibility to carry out our assigned task of achieving price stability. There is clearly a job to do in moderating demand to better align with supply. We are committed to doing that job. …
○ The longer the current bout of high inflation continues, the greater the chance that expectations of higher inflation will become entrenched. …
○ We must keep at it until the job is done. … The successful Volcker disinflation in the early 1980s followed multiple failed attempts to lower inflation over the previous 15 years. … Our aim is to avoid that outcome ( failure before Volcker) by acting with resolve now.
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○ At past Jackson Hole conferences, I have discussed broad topics … Today, my remarks will be shorter, my focus narrower, and my message more direct.
○ The FOMC’s overarching focus right now is to bring inflation back down to our 2 percent goal. …
○ Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance. … they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.
○ While the latest economic data have been mixed, in my view our economy continues to show strong underlying momentum. … While the lower inflation readings for July are welcome, a single month's improvement falls far short of what the Committee will need to see …
○ We are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2 percent. In current circumstances, ..., estimates of longer-run neutral are not a place to stop or pause.
○ Our decision at the September meeting will depend on the totality of the incoming data and the evolving outlook. At some point, as the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases. …
○ Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy. …
○ It is also true, in my view, that the current high inflation in the United States is the product of strong demand and constrained supply, and that the Fed's tools work principally on aggregate demand. None of this diminishes the Federal Reserve's responsibility to carry out our assigned task of achieving price stability. There is clearly a job to do in moderating demand to better align with supply. We are committed to doing that job. …
○ The longer the current bout of high inflation continues, the greater the chance that expectations of higher inflation will become entrenched. …
○ We must keep at it until the job is done. … The successful Volcker disinflation in the early 1980s followed multiple failed attempts to lower inflation over the previous 15 years. … Our aim is to avoid that outcome ( failure before Volcker) by acting with resolve now.