Fed Chairman Jerome Powell on Friday underscored the central bank’s complete attention is on cooling down runaway inflation. “My colleagues and I are acutely focused on returning inflation to our 2% objective,” Powell said, in opening remarks at a Fed conference on the international role of the dollar. Most of Powell’s brief remarks discussed the “centrality” of the dollar in the global economy. Powell said the Fed’s commitment to price stability contributes to the widespread confidence in the dollar and encourages the international community to hold and use dollars. The dollar’s international role has multiple benefits for the U.S. economy, he said. The pillars that support the global preeminence of the dollar are the depth of U.S. financial markets, the size of the U.S. economy and openness to trade and capital flows, he added.
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