Powell June 22, 2022

  • We are firmly committed to reducing inflation
  • Price stability is the foundation of the economy
  • We understand the full scope of inflation problem
  • Latest Indicators Suggest We Need to Accelerate the Pace of Rate Hikes
  • There are parts of the economy where demand exceeds supply and that’s what we focus on
  • We have yet to see the effects of China’s lockdowns on supply chains, but there are now signs of Chinese growth picking up
  • You want to raise rates to a “modestly restrictive level”
  • We don’t think it’s necessary to cause a recession, but we think it’s essential to achieve price stability
  • Asked about 100 bps, said he would never remove anything from the table

Comments are in progress. I’ll try to stick to the relevant ones.