Powell Press Conference
The US banking system is sound and resilient
We’re committed to learning the right lessons from banking rout
We remain strongly committed to bringing inflation back down to 2% goal
Looking ahead, we’ll take a data dependent approach
There are some signs that labor supply and demand are coming back into balance
Nominal wage growth has shown some signs of easing and job ads are down
But overall, demand far outweighs supply of labor
The process of getting inflation back down to 2% has a long way to go
It will take time for effects of rate hikes to have full effect, especially on inflation
Economy likely to face pressure from tighter credit conditions
The extent of effects of credit tightening remain uncertain
Future policy actions will depend on how events unfold
We are prepared to do more if warranted
Reducing inflation is likely to require below-trend growth and some softening of jobs market