Powell: Focused on part of inflation we can address

FOMC Chairman Jerome Powell is testifying before the Senate Banking, Housing, & Urban Affairs Committee on “The Semiannual Monetary Policy Report to Congress.”

“It’s really only at the very short end that real rates are negative.”

“Price inflation is a macroeconomic question.”

“Our tools can’t impact energy and food inflation.”

“Focused on part of inflation we can address.”

“We can reduce demand.”

“We don’t think we’ve seen the full effect of lockdowns in China yet.”

“Important to explore how we can harden up and improve global supply chains.”

“We are trying to lower demand growth.”

“Congress can help increase supply over medium term, but probably not over short term.”