Federal Reserve Chair Jerome Powell did not provide any signals regarding potential policy actions the central bank might take later this month during his speech at the European Central Bank's Central Banking Forum on Wednesday. However, he noted that inflation levels remain excessively high.
Speaking during a panel discussion in Sintra, Portugal, Powell stated, "We are all engaged in the work of price stability. It may not be our only responsibility, but if I have had a common feeling over the past few days, it is an openness to AI-related issues, an openness to productivity, but we all look around and see that prices are too high."
Joining Powell on the panel were European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey, and Bank of Canada Governor Tiff Macklem.
This was Powell's first public speech since his confirmation in May, aside from the post-meeting press conference two weeks ago. The Federal Reserve has kept interest rates unchanged this year as policymakers weigh the persistence of inflation and other economic factors.
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