Federal Reserve chairman Jerome Powell said Wednesday that the central bank is committed to regaining control over inflation, even as he acknowledged the Fed has little power to address its most visible symptoms at the gas pump or the supermarket.
“We need to get inflation back down to 2%,” Powell told lawmakers. “We’re using our tools to do that. And the public should believe that we will get inflation back down to 2% over time.”
Powell stressed the economy is well-positioned to withstand higher interest rates, although he acknowledged that the war in Ukraine and lingering supply-chain problems increase the risk of an economic slowdown. “The U.S. economy for now is strong. Spending is strong. Consumers are in good shape. Businesses are in good shape,” Powell said. “Monetary policy is famously a blunt tool. And there’s risk that weaker outcomes are certainly possible. But they’re not our intent.”
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