Federal Reserve Chair Jerome Powell said Wednesday there is 'no guarantee' the central bank will be able to tackle inflation without sacrificing jobs.
warned Wednesday that there is "no guarantee" the central bank will be able to bring inflation to heel without sacrifices in the job market, while reiterating policymakers' aim to achieve a soft landing in their effort to rein in surging prices.Speaking at the European Central Bank's policy conference in Portugal, Powell said that supply and demand are "really out of balance in many parts of the U.S.
"We think that there are pathways for us to achieve that, to achieve the path back to 2% inflation while still retaining sustaining a strong labor market. We believe we can do that. That is our aim," Powell said, before adding, "There's no guarantee we can do that." Journalists follow onscreen the remarks of Jerome Powell, Chair of the Federal Reserve of the United States, in the afternoon panel during the closing day of the 2022 European Central Bank Forum on Central Banking on June 29, 2022, in Sintra, Portuga
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