Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.
Jerome Powell, Chairman, Board of Governors of the Federal Reserve System testifies before the Senate Banking, Housing, and Urban Affairs Committee on June 22, 2022 in Washington, DC.
"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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