Powell speech: We are very far from our inflation target

Jerome Powell, Chairman of the Federal Reserve System (Fed), testifies before the House Financial Services Committee and responds to questions from congressional lawmakers.

Key takeaways

"Our banks are very strongly capitalized."

"We are very far from our inflation target."

"We are strongly committed to getting inflation back down to 2% over time."

"We learned from Silicon Valley that there is a need for stronger supervision, regulation for banks of that size."

"There are situations in which we need to be more forceful, not in all situations though."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."