Source: CNBC Television
Fed Chair Jerome Powell: Inflation will be significantly about supply and demand in labor market
Jun 28, 2023 · 1m 36s
https://www.youtube.com/watch?v=jKaP-QihmWI
CERTAINLY APPRECIATE YOUR INSIGHTS, THANK YOU. >> A PLEASURE, THANK YOU >> LET'S GET BACK TO SARAH IN PORTUGAL >> I WOULDN'T USE "OPTIMISM," BUT I WOULD SAY THIS IN ANSWER TO YOUR FIRST QUESTION, WHICH IS, WHEN INFLATION FIRST ARRIVES, IT'S REALLY DUE TO VERY STRONG DEMANDS FOR GOODS AND GOODS AND SHORTAGES. IT WASN'T ABOUT THE LABOR MARKET AT ALL OR VERY MUCH. AS WE GET TO
THIS STAGE AND LOOKING FORWARD, WE THINK IT WILL BE SIGNIFICANTLY ABOUT GETTING THE LABOR MARKET, SUPPLY AND DEMAND, BACK INTO LINE AND WE STILL HAVE A VERY STRONG LABOR MARKET, BUT NONETHELESS, ONE THAT IS, IN FACT, COOLING IN JUST THE WAY WE WOULD HAVE HOPED, WHICH IS TO SAY THROUGH THINGS LIKE LOWER JOB OPENINGS JOB OPENINGS ARE COMING DOWN THE QIX LEVEL HAS RETURNED TO ITS
PRE-PANDEMIC LEVEL IF YOU LOOK AT AVERAGE HOURLY EARNINGS, THEY'VE MOVED DOWN TOWARDS 1%, TOWARDS A MORE SUSTAINABLE LEVEL THAT'S CONSISTENT WITH 2% INFLATION SO I WOULD JUST SAY THAT THAT'S THE MAKINGS OF -- IF THAT PROCESS CONTINUES IN A GRADUALLY WAY, THE LONGER THAT GOES ON, THE BETTER IN A WAY, THAT'S -- I TAKE THAT AS A VERY CONSTRUCTIVE PATH. IT IS NOT GUARANTEED, BUT THE
FACT THAT THIS IS REALLY THERE, AND THAT'S WHAT'S BEEN HAPPENING FOR A YEAR -- MORE THAN A YEAR INTO OUR TIGHTENING CYCLE, I WOULD TAKE A
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