Powell speech: We have a good chance of avoiding recession

Jerome Powell, Chairman of the Federal Reserve System, is delivering his remarks on the monetary policy outlook at a press conference following the FOMC's decision to hike the policy rate by 50 basis points in May.

Key quotes

"We understand the pain from high inflation."

"It's our job is to make sure high inflation doesn't get entrenched."

"Bringing down inflation is not going to be pleasant."

"Raising rates isn't going to be pleasant, but need to restore stable prices."

"Everyone will be better off, the sooner we get this job done."

"Good chance we can bring inflation down without significant increases in unemployment."

"Economy is doing fairly well."

"We expect productivity to be solid this year."

"Nothing in economy suggests it is close to recession."

"We have a good chance of avoiding a recession."

"We have a good chance to restore price stability without a recession."

"There should be room to reduce surplus demand without putting people out of work."

"That said, Fed does not have surgical tools."

"No one thinks this will be easy."

"There is a plausible path to avoid recession."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term*. 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."

"*Note: On February 4, 2022, the Federal Reserve Board named Jerome H. Powell as Chair Pro Tempore, pending Senate confirmation to a second term as Chair of the Board of Governors."