Fed's Powell Says 'Nearly All' FOMC Members Expect Further Tightening

The Federal Reserve is focused on promoting maximum employment and stable prices. Despite significant monetary policy tightening, inflation remains high, and further rate increases may be needed. The US economy shows modest growth, with a tight labor market and subdued housing activity. Inflation projections indicate a gradual return to the 2% target. The Fed remains committed to its goals, acknowledging the challenges posed by high inflation and economic uncertainties.

What is the Federal Reserve's goal for inflation, and how does it plan to achieve it?

How does the Federal Reserve's monetary policy affect economic activity?

What are the expected levels of the federal funds rate at the end of this year and the next two years?