Below, I will broadcast the live speech of Federal Reserve Chairman Powell to the panel discussion of the forum held by the European Central Bank in Sintra, Portugal:
Fed Chair Powell: Our job is to keep prices stable with new inflation.
Fed Chair Powell: We don't know yet if we'll get back to where we were before the pandemic.
Fed Chair Powell: I hope economic growth will remain positive.
Fed Chair Powell: There is a way to return to 2% inflation with a strong labor market, but no guarantees.
Fed Chair Powell: The path is getting narrower.
Fed Chair Powell: The market has largely moved in line with the Fed since last fall.
Fed Chair Jerome Powell: Policy settings to achieve statutory goals are being considered.
Fed Chair Powell: It's 'very important' that people understand the Fed's commitment.
Fed Chair Powell: Are we at risk of going too far? Yes. But that's not the biggest risk.
Fed Chair Powell: The bigger risk is not being able to restore price stability.
Fed Chair Powell: Once the de-anchoring phenomenon can be observed, the cost of fighting inflation is too high.
Fed Chair Powell: Very strong demand hits vertical supply curve.
Fed Chair Powell: The process in turn could cool prices faster.
Fed Chairman Powell: A stronger dollar has kept inflation in check to some extent.
Fed Chair Powell: Strive to 'be smarter' on the supply side.
Fed Chairman Powell: There is a real threat of deglobalization.
Fed Chairman Powell: The era of low global inflation before the epidemic is over.
Fed Chairman Powell: The Fed's revised policy framework is based on the old environment.
Fed Chair Powell: My work on advising on fiscal policy is over.
Fed Chair Powell: The Fed fully understands the pain of rising inflation.
Fed Chair Powell: The process of lowering inflation will bring some pain.
Fed Chair Powell: We're going to bring inflation down to 2%.
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