#PowellRemarks Federal Reserve Chair Jerome Powell recently delivered remarks on the economic outlook, highlighting progress toward the Fed's dual-mandate goals of maximum employment and stable prices. Here are the key points from his speeches:

Economic Progress and Outlook

- The US economy has made significant progress, with economic output growing over 3% last year and expanding at a 2.5% rate this year.

- The labor market has cooled off from overheated conditions, with the number of job openings now slightly above the number of unemployed Americans seeking work ¹.

Inflation and Monetary Policy

- Inflation has declined significantly, with estimates indicating a 2.3% increase in total PCE prices over the 12 months ending in October.

- The Fed has taken steps to reduce policy restraint, lowering the policy interest rate by 0.25% to maintain economic strength and support maximum employment.

- Chair Powell emphasized the importance of monitoring inflation and labor market conditions, adjusting policy as needed to achieve the 2% inflation goal ¹.

Key Risks and Challenges

- The economy faces risks on both sides of the dual mandate, including the potential for unwelcome further weakening in labor market conditions.

- Chair Powell highlighted the need for careful assessment of incoming data and the evolving outlook to inform policy decisions ².

Recent Speeches and Statements

For more information, you can refer to Chair Powell's speeches:

- "Economic Outlook" (November 14, 2024)

- "Review and Outlook" (August 23, 2024) ¹ ²