Powell also reiterated that the Fed is determined to lower inflation
in Jackson Hole, Wyoming, that the Fed’s inflation-fighting efforts will inevitably “bring some pain to households and businesses.” But, he added, “a failure to restore price stability would mean far greater pain.”
“What we hope to achieve,” the Fed chair said, “is a period of growth below trend, which will cause the labor market to get back into better balance, and then that will bring wages back down to levels that are more consistent with 2% inflation over time.”“We’re not trying to engineer a recession,” Loretta Mester, president of the Federal Reserve Bank of Cleveland, said Wednesday in an interview with the newswire MNI. “We’re trying to engineer a slowdown or moderation of activity.
Yet many economists say that as borrowing rates keep rising, employers will cut jobs, consumers will slash spending and a downturn will eventually result. And some have issued starker warnings about the consequences of the Fed’s aggressive pace of rate hikes.
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