What did Jerome Powell say in his speech on May 17, 2022? English Headline

THE CHAIRMAN of the Federal Reserve spoke today at The Wall Street Journal’s Future of Everything Festival.

His message was loud and clear: the Fed will do whatever it takes to bring inflation down.

Jerome Powell is the Chairman of the Federal Reserve


Jerome Powell is the Chairman of the Federal ReserveCredit: Reuters

What did Jerome Powell speak about today?

He discussed what the central bank’s plans were regarding inflation, as well as what impacts these plans may have on the economy.

His appearance came after the Federal Reserve raised its interest rates by half a percentage point, the highest one-time spike since 2000, according to The Guardian.

Today, he made clear that the central bank would continue to raise interest rates until the inflation rate comes back down.

Powell also said that the Reserve would “keep pushing” until it’s clear that inflation is declining.

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Even more restrictive rates could be on the horizon if the price increases don’t slow down.

How will this spike affect everyday Americans?

Basically, these higher interest rates push up the amount it costs to take out a mortgage loan, a car loan, credit card fees, and other types of loans.

The idea is that by raising the rates, the extra spending done by Americans will slow down, and the inflation on goods will flatten.

However, this puts the economy at risk of a recession.

What is the Wall Street Journal’s Future of Everything festival?

This is the event where Powell spoke this afternoon.

The festival’s website encourages people to learn more about “the extraordinary ideas shaping our future when The Wall Street Journal brings together leaders from business, science, sports and culture at this year’s Future of Everything Festival.”

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They continue by highlighting their “unscripted interviews, immersive storytelling, jaw-dropping technology and rare experiences with experts.”

The festival has been on hiatus due to Covid-19 for the past two years but is back both virtually and in-person this year.

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