Markets rise after Fed chair suggests interest rate hikes will slow
“The truth is that the path ahead for inflation remains highly uncertain,” Powell said.
“We have a risk management balance to strike,” he said. “We think slowing down at this point is a good way to balance the risks.” Powell put particular emphasis on the labor market, which has been transformed by the pandemic in ways economists still struggle to understand. When asked about whether the workforce participation rate could get back to pre-pandemic levels, Powell said few gains had been made this year, adding, “It’s been very disappointing and a little surprising.”
But Powell said it would also be useful if other policymakers — he didn’t name any, but the task could fall to Congress or the Biden administration — help find ways to add workers to the labor force while the Fed focuses on demand for work.
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