Fed Chair Powell: There isn't a painless way to do this ๐ค
The Fed is not a friend of the economy or stock market right now ๐

Federal Reserve Chair Jerome Powell on Wednesday reiterated the central bankโs commitment to bring down inflation using monetary policy tools, even if its efforts come with โpainโ in the economy.
โMy colleagues and I are strongly committed to bringing inflation back down to our 2% goal,โ he said in prepared remarks. โOver the coming months, we will be looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2%.โ
There isnโt a painless way to do this ๐ญ
Powellโs statement came after the central bank announced its third-consecutive 75 basis point interest rate hike. (The Fed made hikes of the same magnitude in June and July.)
At the top of his Q&A with reporters, Powell made clear: โMy main message has not changed at all since Jackson Hole.โ
In case you missed it, Powell at Jackson Hole said very bluntly that the fight to bring down inflation would โbring some pain to households and businesses.โ
โWe have got to get inflation behind us,โ he said on Wednesday. โI wish there were a painless way to do that. There isn't.โ
โWe have to get supply and demand back into alignment,โ he added. โThe way we do that is by slowing the economy.โ
Powell expressed confidence in the work he and his colleagues were doing, saying: โThe path that we actually execute will be enough. It will be enough to restore price stability."
The Fed is not the stock marketโs friend ๐
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