Coverage for this event has ended.
Powell insists the Federal Reserve works for the American people and stresses it is the job of the central bank to bring inflation under control...
All three of the major stock averages rose over 1% after Powell signaled the U.S. can avoid a recession with a 'soft landing'...
Expectations moving up, says Powell yet we don't see wage price spirl, companies are raising prices, there have been price shocks...still Fed is not comfortable with current levels.
The economy is strong and well positioned to handle tighter monetary policy...business and households in good shape he noted.
"Inflation is much too high and we understand the hardship it is causing and we're moving expeditiously to bring it back down. We have both the tools we need and the resolve that it will take to restore price stability on behalf of American families and businesses" he said.
Live Coverage begins here