If You Did Not Hear This Coming, You Had Better Get Your Ears Checked
The strong numbers revealed today confirmed that the Federal Reserve was correct in its resolve to fight inflation and that the US economy is strong enough to withstand the Federal Reserve’s elevated rates.
Jerome Powell presented the keynote speech in which he said:
“At past Jackson Hole conferences, I have discussed broad topics such as the ever-changing structure of the economy and the challenges of conducting monetary policy under high uncertainty. Today, my remarks will be shorter, my focus narrower, and my message more direct.”
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses.”
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