Summary of the bank president's statement
Federal Reserve Jerome Powell
• Inflation has declined significantly but is still very high
• The Federal Reserve confirms its long-term inflation target at 2%
• The Fed needs more confidence that inflation is heading toward 2%
• The battle against inflation is likely to continue for years.
• Powell said that if the economy remains strong and inflation continues, high interest rates will remain for a longer period.
• The strong pace of migration has enhanced participation in the labor market
• The Fed says the unemployment rate remains low
• The economic outlook is uncertain and the Fed is alert to risks
