Powell "Employment and inflation outlooks haven't changed much since the September meeting… Need to manage risk of persistent inflation"

JH Kim

Summary

Jerome Powell, chair of the Fed, said that the employment and inflation outlooks have not changed significantly since the September FOMC meeting.
Powell said that the risk of inflation being more persistent than expected still needs to be managed.
He said the U.S. economy is showing a resilient trend, and despite a moderate slowdown in the labor market, consumer activity remains strong.

Jerome Powell (Jerome Powell), chair of the U.S. Federal Reserve (Fed), said that the employment and inflation outlooks have not changed significantly since the September Federal Open Market Committee (FOMC) meeting. However, he warned that there still exists a risk that inflation could be more persistent than expected.

On the 29th (local time), according to economic news channel Walter Bloomberg (Walter Bloomberg), Powell said, "The data gathered so far suggest that the employment and price outlooks have not changed significantly since the September meeting," and "however, the risk that inflation may persist longer remains a challenge that needs to be managed."

He added, "Economic indicators released before the shutdown show that the U.S. economy is maintaining a somewhat resilient trend," and assessed, "the labor market is slowing moderately, but consumer activity remains at a solid level."