“The historical record cautions strongly against prematurely loosening policy,” Fed chairman Jerome Powell said on Friday. Read his speech in full.
This is an edited version of Fed chairman Jerome Powell's speech on Monetary Policy and Price Stability at Jackson Hole, Wyoming on Friday.
Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance. Our monetary policy deliberations and decisions build on what we have learned about inflation dynamics both from the high and volatile inflation of the 1970s and 1980s, and from the low and stable inflation of the past quarter-century. In particular, we are drawing on three important lessons.take responsibility for delivering low and stable inflation.
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