Jerome Powell Says Disinflation Began But Still Long Way To Go

Jerome Powell Speech: US Federal Reserve Chairman Jerome Powell said the FOMC wanted to send the disinflation stage message, although the process is in the early stages. He said the Fed thought about rising rate hikes to keep the inflation on check. When asked if the FOMC would he have raised by 25 basis points if they knew about the data from jobs report, the stance was that the rate hikes were appropriate. Powell said the target of bringing down inflation to 2% will remain, and that 2023 could see significant reduction in inflation.