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Powell says US economy in strong shape, Fed can avert recession

Bloomberg
Bloomberg6/29/2022 10:00 PM GMT+08  • 3 min read
Powell says US economy in strong shape, Fed can avert recession
Fed chairman Powell / Photo: Bloomberg
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Federal Reserve Chair Jerome Powell said the US economy is in “strong shape” and the central bank can reduce inflation to 2% while maintaining a solid labour market, even though that task has become more challenging in recent months.

He also vowed to ensure rapid price increases don’t become entrenched, saying that “we will not allow a transition from a low inflation environment to a high inflation environment.”

“We hope that growth will remain positive,” Powell said during a panel discussion Wednesday during the European Central Bank’s annual policy forum in Sintra, Portugal. Household and business finances are also in solid shape, and “overall the US economy is well positioned to withstand tighter monetary policy.”

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