Fed Chair Jay Powell reiterated his message that the Fed will keep monetary policy tight until the Fed brings inflation back to its 2% target.
the central bank is "prepared to raise rates further" as it continues its fight to bring inflation back to its 2% target.reiterated his message to markets from a year ago"At last year's Jackson Hole symposium, I delivered a brief, direct message," Powell said. "My remarks this year will be a bit longer, but the message is the same: It is the Fed's job to bring inflation down to our 2 percent goal, and we will do so.
"[Two] months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal," Powell said., with the Fed chair citing estimates from recent CPI and PPI data to impute July's figure. July PCE data will be officially released on Aug. 31."We can’t yet know the extent to which these lower readings will continue or where underlying inflation will settle over coming quarters," Powell added.
Squelching speculation from some commentators in the run-up to this year's Jackson Hole meeting, Powell also reiterated the Fed's commitment to a 2% inflation target.
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