There is a risk U.S. Federal Reserve interest rate increases will slow the economy too much, but the bigger risk is persistent inflation that starts to let public expectations about prices drift higher, Fed chair Jerome Powell said Wednesday.
While “there is a risk” the Fed slows the economy more than needed to control inflation, Powell said, “I would not agree that is the bigger risk. The bigger mistake would be to fail to restore price stability.” Fed policy-makers now see the target federal funds rate rising to 3.4 per cent by the end of the year, above the level policy-makers feel is needed to begin restricting the economy in the long run.
But the path to that so-called “soft landing” is becoming “significantly more challenging” the longer inflation lasts and raises the chance that public inflation expectations become unmoored, Powell said.
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