Powell: US economy has a good chance to avoid recession

Jerome Powell, Chairman of the Federal Reserve System, is delivering his remarks on the monetary policy outlook at a press conference following the FOMC’s decision to hike the policy rate by 50 basis points in May.

Key Quotes

“We understand the pain from high inflation”.

“It’s our job is to make sure high inflation doesn’t get entrenched”.

“Bringing down inflation is not going to be pleasant”.

“Raising rates isn’t going to be pleasant, but need to restore stable prices”.

“Everyone will be better off, the sooner we get this job done”.

“Good chance we can bring inflation down without significant increases in unemployment”.

“Economy is doing fairly well”.

“We expect productivity to be solid this year”.

“Nothing in economy suggests it is close to recession”.

“We have a good chance of avoiding a recession”.

“We have a good chance to restore price stability without a recession”.

“There should be room to reduce surplus demand without putting people out of work”.

“That said, Fed does not have surgical tools”.

“No one thinks this will be easy”.

“There is a plausible path to avoid recession”.