UPDATE: Fed's Powell repeats he doesn't see prices staying up and moving inflation expectations

March 4, 2021 12:07 PM EST

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(Updated - March 4, 2021 12:33 PM EST)

(Updated - March 4, 2021 12:23 PM EST)

Fed Chairman Powell Begins Speaking at WSJ Jobs Summit

  • Powell Says Strongly Committed to Achieving its Goals
  • Still Long Way From Goals
  • Inflation Running Below 2%, Expects Inflation to Move Up as Economy Improves
  • Unlikely that deeply ingrained low inflation expectations would change
  • Expect any near term inflation rise will be transitory
  • Will take some time to get back to full employment
  • Maximum employment unlikely this year
  • Would be concerned by disorderly financial conditions in markets or persistent tightening of financial conditions
  • Fed will be patient if sees transitory rise in inflation
  • Powell repeats would be concerned by disorderly financial conditions in markets or persistent tightening of financial conditions
  • Key thing is to keep 2% inflation expectations anchored
  • Rate liftoff guidance is pretty specific, will take time to get there
  • Right now we've not been make much progress
  • Repeats it will take time before seeing progress on goals
  • Fed's Powell says thinks current policy stance is appropriate
  • Fed's Powell says won't speculate on potential changes to policy
  • High inflation is very bad state of affairs but you have to differentiate from one-time effects
  • Fed's Powell repeats he doesn't see prices staying up and moving inflation expectations
  • Fed lessons are attack quickly and don't hold back, don't stop until job is done
  • Declines to answer question on size of stimulus


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