Powell at the ECB forum
- US fiscal policy more-than fully supported lost incomes
- Because of bottlenecks, this is an unusual situation
- Estimates of Q3 GDP have come down, though still at strong levels
- We expect inflation to moderate as bottlenecks ease
- Financial market pricing is well-aligned with transitory inflation
- If inflation lasts long enough, we monitor if it could push up expectations. That would be a serious concern
- There is a sense of urgency in wanting to push ahead of central bank digital currency, but we won't rush it