https://www.cnbc.com/2023/10/19/powe...g-it-down.html
Powell says inflation is still too high and lower economic growth is likely needed to bring it down
-Powell said he doesn't think rates are too high now. Stocks briefly turned lower as Powell spoke and the 10-year Treasury yield neared 5%.
-"Does it feel like policy is too tight right now? I would have to say no," he said. Still, he noted that "higher interest rates are difficult for everybody.
-Powell noted the labor market and economic growth may need to slow to ultimately achieve the Fed's goal.
-The comments come the same day initial jobless claims hit their lowest weekly level since early in 2023, indicating that the labor market is still tight and could exert upward pressure on inflation.
Robust job creation in September and a slow pace of layoffs could put progress on inflation at risk.
"Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy," he said.
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