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Fed Chair Powell Says Inflation Could Turn Out to be Higher and More Persistent Than We Expect

June 16, 2021 2:30 PM EDT

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(Updated - June 16, 2021 3:30 PM EDT)

(Updated - June 16, 2021 3:12 PM EDT)

(Updated - June 16, 2021 2:43 PM EDT)

  • Fed Chair Powell Begins FOMC News Conference
  • Rapid Growth Reflects Bounce Back From Depressed Levels
  • Business Investment Increasing at a Solid Pace
  • Forecast Revised Up
  • Recovery Incomplete, Risks Remain
  • Pace of Improvement in Job Market Has Been Uneven
  • Factors Weighing on Employment Growth Should Wane
  • Inflation Has Increased Notably
  • Seeing Upward Pressure on Prices From Spending Rebound, Bottlenecks
  • Inflation Expected to Drop Back Down to Longer-Run Goal
  • Inflation Could Turn Out to be Higher and More Persistent Than We Expect
  • Will be Prepared to Adjust Policy
  • Fed Expects to Maintain Accommodative Policy
  • Projections Do Not Represent a Committee Decision
  • Reaching Standard of Further Progress is Still A Way Off
  • Fed to Support Economy for as Long as it Takes
  • Will Provide Advance Notice Before Adjusting Bond Buying
  • Begins Q&A
  • On Path to Very Strong Labor Market
  • In One or Two years, There Will be a Very Strong Labor Market
  • Taking Time for Some to Find New Job That Fits
  • Some Concern About Going Back to Public Facing Jobs
  • Child Care Impacting
  • Unemployment Insurance Ending Will Encourage Jobs
  • Need to See More Data, Need to be a Little Bit Patient
  • Inflation Has Come in Above Expectations But In Categories Linked to Recovery
  • Thinks We Will be Seeing Some Reversals on Inflation, Not Sure Timing
  • Will See Increasing In Supply Over Coming Months
  • Over Time FOMC Sees Inflation Moving Down Meaningfully Toward Goal
  • You Can Think of This Meeting as Talking About talking About Tapering
  • Powell Wants to Retire "Talking About Talking About Tapering"
  • Long-Term Price Expectations Consistent with Objective
  • Inflation Expectations Are Well Anchored, In Good Place
  • FOMC Will Make Judgement on Substantial Progress
  • Dot Plot is Not Committee Forecast, Not Great Forecaster
  • Discussing Liftoff Highly Premature
  • Dot Plot Not Great Forecaster of Future Rate Moves
  • Rate increase Are Not the Focus of the Committee
  • Near Term is Path of Asset Purchases, Had Discussion Today
  • Tapering Start Will Be Orderly, Methodical, Transparent
  • Sees Value in Communicating Taper Thinking in Advance
  • Doesn't Pinpoint Timing of Taper
  • Still A Ways Away From Substantial Progress, But Making Progress
  • Reverse-repo is Doing Its Job, Not Concerned with It
  • No One Number, Indicator to Assess Employment
  • Seeing Wage Increases, Don't see Troubling Wage Data
  • Labor Market Supply and Demand Will Clear in Coming Months
  • Demand for Goods is Very High, Incomes Are High
  • High Inflation Readings We're Seeing Now Will Abate
  • Doesn't Dismiss Chances of Higher Prices Going on For Longer Time, Doesn't Expect This
  • Not Out of Woods on Covid-19, Premature to Declare Victory
  • Near Term Inflation Associated with Reopening Economy, Longer Term About High Employment
  • Projections May Reflect Inflation-Expectations Risk
  • Fiscal Support Much Less Next Year
  • Economy is Still Growing at a Very Healthy Rate
  • Global Factors Weighing on Inflation Still Out There
  • Higher Neutral Rate Would Give More Room to Cut Rates
  • Nothing Wrong with Fed Framework
  • Fed Not Facing Situation of Being Behind the Curve
  • Question on Inflation Has Nothing to Do with Framework
  • Economy is Recovering From a Deep, Unusual Hole
  • Powell Ends News Conference



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