SNB's Chairman Jordan: inflation data shows need to tighten monetary policy further, unclear when

Chairman Brown, Ranking Member Toomey, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve's semiannual Monetary Policy Report. I will begin with one overarching message. At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so. We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses. It is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all. I will review the current economic situation before turning to monetary policy. tweet at 9:32am: Fed's Powell: - Financial conditions have tightened considerably - We will make interest rate decisions on a meeting by meeting basis tweet at 9:32am: Fed's Powell: - American economy is well positioned to absorb tighter monetary policy - It is essential for the Fed to bring inflation down tweet at 9:33am: Fed's Powell: - Ongoing rate increases will be appropriate - Pace of rate hikes will depend on the economic outlookFed's Powell says ongoing interest rate increases will be appropriate While testifying before the Senate Banking, Housing, & Urban Affairs Committee on Wednesday, FOMC Chairman Jerome Powell said that ongoing interest rate increases will be appropriate. Key takeaways as summarized by Reuters: • "Fed is strongly committed to bringing inflation back down, moving expeditiously to do so." • "Pace of future rate increases will continue to depend on incoming data and evolving economic outlook." • "We will make our decisions meeting by meeting." • "Essential that inflation be brought down if US Ii to have a sustained period of strong labor market conditions that benefit all Americans." • "Available data for May suggest core inflation likely held at April's 4.9% annual pace or eased slightly." "Fed's overarching focus is returning inflation to 2% goal and keeping longer-run inflation expectations well-anchored." "Inflation aggravated by longer-lasting supply chain constraints, russian invasion of ukraine; china covid lockdown