Federal Reserve Chairman Jerome Powell said Friday he expects a slow but steady diet of interest rate increases to continue as the central bank looks to find the right recipe between promoting growth and controlling excesses.
In his closely watched speech at the Fed's annual retreat at Jackson Hole, Wyoming, Powell expressed confidence in the economy and said he does not see inflation getting out of hand.
As a result, the current trajectory the Fed has been following since December 2015 is unlikely to change so long as there aren't any significant changes to economic trends. The central bank, he said, is focused squarely on not stepping in to halt economic momentum but also wants to be a bulwark against runaway growth.
"I see the current path of gradually raising interest rates as the [Federal Open Market Committee's] approach to taking seriously both of these risks," he said, according to prepared remarks of a speech he delivered at 10 a.m. ET.
"As the most recent FOMC statement indicates, if the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate," he said.