Federal Reserve Chairman Jerome Powell on Tuesday stressed his resolve to curb inflation but said the central bank could achieve a “softish landing” for the U.S. economy rather than a severe downturn.
“There are a number of plausible paths to having.. a softish landing,” Powell said, during a moderated discussion at a Wall Street Journal event.
Powell said a softish landing was like a bumpier aircraft descent that all frequent fliers have experienced.
Powell said “there could be some pain” for Americans as the Fed moves resolutely to bring down inflation.
U.S. stocks DJIA, +1.02% SPX, +1.55% remained in solid positive territory after Powell finished speaking. The yield on the 10-year Treasury note TMUBMUSD10Y, 2.962% rose to just below 3%.