Fed Chair Jerome Powell, speaking at the Senate hearing for his renomination, reiterated on Tuesday that the Fed will use its tools to get inflation back down.
"We now have a mismatch between demand and supply."
"If we see inflation persisting longer than expected, then we will have to raise interest rates more over time."
"We will use our tools to get inflation back down."
"We want to promote a long expansion and for that, we need price stability."
"High inflation is a threat to that goal."
"We probably remain in an era of very low interest rates."
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