Fed Chairman Powell: The priority is to reduce inflation to the 2% target, price stability is the responsibility of the Fed

Federal Reserve Chairman Jerome Powell delivered a speech at the Jackson Hole meeting. The main points were summarized as follows: The Federal Open Market Committee (FOMC)'s top priority now is to reduce the inflation rate to the 2% target; lower inflation will bring households and businesses. Some pain, but failure to restore price stability will mean more pain; restoring price stability will take some time and will require robust use of our tools to bring supply and demand into better balance; at some point, as the currency With further tightening of the policy stance, a slower pace of rate hikes may become appropriate; history warns against premature easing; central banks can and should be held accountable for low and stable inflation; public expectations of future inflation can be set in important role in the path of inflation; the Fed must hang on until the job is done.