Transcript: Fed Chief Powell’s post-meeting press conference

Federal Reserve Chairman Jerome Powell explained why the central bank raised interest rates by three-quarters of a percentage point for the second time in as many monetary policy meetings, at a press conference after the Fed meeting on Wednesday. With inflation well above the central bank’s 2% target, Powell signaled further increases in the target range for the federal funds rate, adding that another unusually large increase may be appropriate when the next Fed meeting. He also noted that while the US economy is slowing, he doesn’t think it’s in a recession.

JEROME H. POWELL: Hello. My colleagues and I are firmly committed to bringing inflation down, and we are acting quickly. We have both the tools we need and the determination it will take to restore price stability on behalf of American families and businesses. The economy and the country have been through a lot in the past two and a half years and have shown resilience. Bringing inflation down to our 2% target is essential if we are to have a prolonged period of good labor market conditions that benefit everyone.

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