Fed's Powell: The performance of the US economy has been "quite strong"

Federal Reserve (Fed) Chairman Jerome Powell participates in a fireside chat about economic trends in North America at the Wilson Center's Washington Forum in Washington, DC.

Powell said that the U.S. economy's performance has been quite robust. He added that recent data indicates a lack of significant progress on inflation this year. Despite ongoing strength, Powell noted that the labour market is transitioning towards a better equilibrium.

Key Quotes

The performance of the U.S. . has been "quite strong"

Recent data shows lack of further progress on inflation this year.

"The labour market moving into better balance even amidst ongoing strength.

Broader wage pressures are moderating gradually.

Twelve month core PCE inflation was little changed in March, according to estimates.

Fed took a cautious approach to not overreacting to declines last year; recent data have not given greater confidence.

If higher inflation persists the Fed can maintain current rate as long as needed.

Restrictive policy needs further time to work.