Powell sinks stocks: Top moments from Senate testimony

Inflationary pressures are running higher than expected at the time of our previous FOMC meeting. The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated. If the totality of the data were to indicate that faster tightening is warranted, we'd be prepared to increase the pace of rate hikes. Congress really needs to raise the debt ceiling. That's the only way out. Inflationary pressures are running higher than expected at the time of our previous FOMC meeting. The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated.

If the totality of the data were to indicate that faster tightening is warranted, we'd be prepared to increase the pace of rate hikes. Congress really needs to raise the debt ceiling. That's the only way out. You're raising interest rates to slow the economy, are you not? Yes, to cool the economy off. So in effect, I'm not being critical. When you're slowing the economy, you're trying to put people out of work. That's your job, is it not? Not really.

We're trying to surprise stability. I think nothing about the data suggests to me that we've tightened too much. Indeed, it suggests that we still have work to do. How would you explain your view that they need to lose their jobs? You're raising interest rates to slow the economy, are you not? Yes, to cool the economy off. So in effect, I'm not being critical. When you're slowing the economy, you're trying to put people out of work. That's your job, is it not? Not really.

We're trying to surprise stability. I think nothing about the data suggests to me that we've tightened too much. Indeed, it suggests that we still have work to do. How would you explain your view that they need to lose their jobs? I would explain to people more broadly that inflation is extremely high and it's hurting the working people of this country badly. We are taking the only measures we have to bring inflation down. And putting 2 million people out of work is just part of the cost and they just have to bear it? Will working people be better off if we just walk away from our jobs and inflation remains 5-6%? I would explain to people more broadly that inflation is extremely high and it's hurting the working people of this country badly. We are taking the only measures we have to bring inflation down.

And putting 2 million people out of work is just part of the cost and they just have to bear it? Will working people be better off if we just walk away from our jobs and inflation remains 5-6%?.

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