"Reducing inflation is likely to require a period of below-trend growth and some softening of labor market conditions," Fed Chair Jerome Powell said at a."Restoring price stability is essential to set the stage for achieving maximum employment and stable prices over the longer run."
Powell also noted how the job market is doing at the press conference. He said the"labor market remains very tight" and that"labor demand still substantially exceeds the supply of available workers."Sign up for notifications from Insider! Stay up to date with what you want to know.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: