Powell speech: While raising rates can be painful, it slows demand

Jerome Powell, Chairman of the Federal Reserve System (Fed), testifies before the House Financial Services Committee and responds to questions from congressional lawmakers.

Key takeaways

"This economy is very strong."

"A very strong labor market is driving the economy."

"Inflation is moving down gradually."

"The thing that troubles people is really inflation."

"While raising rates can be painful, it slows demand."

"We want to get back to price stablity, want to get back to that place where inflation is low enough that people don't think about it."

"We are on a journey to get to price stability, we have quite a ways to go but we are making progress."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."