Fed Chair Powell: Two percent will remain our inflation target

Federal Reserve Chair Jerome Powell delivered his speech Friday morning at the economic summit at the Jackson Hole Economic Symposium in Jackson, Wyo. Regarding the Fed's inflation target, Powell said,"Two percent is, and will remain, our inflation target. We are committed to achieving and sustaining a stance of monetary policy that is sufficiently restrictive to bring inflation down to that level over time.

Powell added,"We see the current stance of policy as restrictive, putting downward pressure on economic activity, hiring, and inflation. But we cannot identify with certainty the neutral rate of interest, and thus, there is always uncertainty about the precise level of monetary policy restraint."Our goal is to create a safe and engaging place for users to connect over interests and passions.

JACKSON HOLE, Wyoming — The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook. Powell noted that the economy has been growing faster than expected and that consumers have kept spending briskly — trends that could keep inflation pressures high.

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