‘It’s a Global Phenomenon’: Powell Claims the Fed Was Powerless to Stop Inflation
TRANSCRIPT:
Powell: “So, yeah, we said that we wouldn’t lift off until we had basically achieved our dual mandate goals, and the reason we did it in real time was that the first look at the new framework that we’d rolled out, plenty of people were saying, ‘It’s not credible, you’ll never get inflation at two percent.’ Some of our critics now who say inflation’s too high were the same ones who were saying, ‘You’ll never get to two percent.’ Well, but anyway, that’s what happened. So we thought we needed to really make a strong statement with that. It wasn’t part of the framework. The December 20 guidance was not part of our overall new framework. It was just guidance that we put in place. So, I would say two things. One, I don’t think that that’s materially changed the situation, but I have to admit I don’t think I would do that again. I don’t think I would do that again. We — you know, ultimately the situation evolved in a highly unexpected way for all of us, and, you know, maybe the learning is that — leave a little more flexibility than that. But did it matter in the end? You know, if you look at — I really don’t think it did. I am not sure it would have mattered if we’d been raising rates three months earlier. Does anybody think that would have made a big difference? I mean lots of central banks were raising rates three months earlier and it it didn’t matter. I mean, this is a global phenomenon that is happening now, admittedly different in the United States, but — anyway...”
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