Powell speech: High inflation is painful for people

Federal Reserve Chairman Jerome Powell holds a news conference to explain why they have decided to leave the policy rate, federal funds rate, unchanged at the range of 5.25-5.5% meeting and responds to questions.

Key quotes

"High inflation is painful for people."

"The best thing we can do for the US is to fully restore price stability, with the least damage we can."

"We have been very gratified that we've made significant progress without a spike in unemployment."

"I still believe, and colleagues also, that it is likely we will need to see slower growth, softening in labor market conditions."

"Supply side gains have really been helping, but those things will run their course."

"Still very hard to say the length of lags of policy."

"We have to make policy under great uncertainty."

"This is one reason we have slowed the process down this year."

"Slowing down is giving us a better sense of how much more need to do, if we need to do more."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."