Fed Chairman Jerome Powell said that they could tighten monetary policy further if necessary to achieve the 2 percent inflation target.
Participating in the panel organized by the International Monetary Fund (IMF), Fed Chairman Powell said that inflation in the USA decreased throughout the last year, but to stay above the 2% target He said it continued.
Stating that they are satisfied with this process, Powell stated that there is still progress to be made to reduce the inflation rate to 2%. it’s a long road he stated.
Fed Chairman Powell said, “The Federal Open Market Committee (FOMC) is committed to maintaining a restrictive monetary policy stance that will reduce inflation to 2 percent over time. “We are not sure we have reached such a stance.” said.
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Emphasizing that the positive data obtained for several months should not mislead them, Powell said, “If it is necessary to tighten monetary policy further, we will not hesitate to do so.” said.