The Federal Reserve Chief Stands His Ground Among Inflation Concerns
Federal Reserve Chairman Jerome Powell said Wednesday that the U.S. economy still has “some ground to cover” in the labor market before the central bank could begin easing off stimulus despite rising inflation.
During a Wednesday press conference, Powell said the U.S. had moved closer to the “substantial further progress” the Fed wants to see before beginning to reduce its monthly bond purchases but remained at least several months away from a formal taper.
“I think we’re some way away from having had substantial further progress towards the maximum employment goal. I would want to see some strong job numbers,” Powell said, noting that the 5.9 percent June unemployment rate did not reflect millions of people who want to work but have not yet rejoined the labor force.
