Powell: Inflation Still Above Target, Fed Has Work to Do

BlockBeats News, August 28th, Federal Reserve Chair Powell warned that inflation has not shown a meaningful slowdown and stated that policymakers must be confident that inflation is moving in the right direction, otherwise the central bank has "work to do."

Powell reiterated that the Fed will bring the inflation rate back to its 2% target. He stated that this is a clear and firm target. Powell said: "My standard is that we must be confident that underlying inflation is moving towards our target and the pace must be clear enough and fast enough. Otherwise, we have work to do. That is our responsibility."

Powell also stated that the current financial conditions are not restrictive, and interest rates are the Fed's "primary tool" to fulfill its mandate.