• Here is a summary of Federal Reserve Chairman Jerome Powell's statement
1. Inflation has fallen significantly but is still very high
2. The Federal Reserve confirms the long-term inflation target at 2%
3. The strong pace of migration has enhanced participation in the labor market
4. The Fed says the unemployment rate remains low
5. The economic outlook is uncertain and the Fed is alert to risks
6. The Fed needs more confidence that inflation is heading to 2%
7. The battle against inflation is likely to continue for years.
8. Powell said that if the economy remains strong and inflation continues, high interest rates will remain for a longer period.
This comes after they raised their headline and core inflation expectations for personal consumption expenditures.
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