Powell: Inflation Risks Cooling, Labor Market Risks Rising
CryptoNewsTerminal Staff18 Sep, 2024
Powell: Inflation Risks Cooling, Labor Market Risks Rising
Federal Reserve Chair Jerome Powell recently indicated that while inflation risks have diminished, concerns have increased about a potential weakening labor market. "Upside risks to inflation have diminished of late, while the downside risk of a weakening labor market has increased somewhat," Powell explained during a press conference after the FOMC meeting. Despite these concerns, Powell emphasized that the Fed remains confident in the strength of the labor market. "Our decision today reflects our confidence that the labor market will remain strong," he stated. Powell also acknowledged the ongoing elevated inflation, which has remained above the Fed's 2% target for the past three years. "Inflation has been running above our 2 percent target for the past three years and the labor market has been quite tight. We will continue to adjust our monetary policy to ease inflation while also continuing to support the economy and the labor market."
