Powell Says FOMC to Take Data-Dependent Approach on Future Hikes

The Federal Reserve is committed to promoting maximum employment and stable prices. Recent monetary policy actions include raising interest rates and reducing securities holdings to combat high inflation. Economic indicators show moderate growth, a tight labor market, and inflation above the 2% goal. The Fed remains focused on data-driven decisions to achieve its objectives, acknowledging the challenges posed by high inflation and tighter credit conditions. The Fed's actions aim to restore price stability, essential for long-term economic health.

What is the Federal Reserve's mandate regarding employment and prices?

What steps has the FOMC taken to address inflation since early last year?

How has consumer spending changed recently according to the text?

What are the current trends in the labor market as described in the text?

What is the significance of the 2% inflation goal mentioned in the text?

What challenges does the economy face according to the Federal Reserve's assessment?

How does the Federal Reserve plan to achieve its goals of maximum employment and price stability?