Powell’s statements meet market expectations that the Federal Reserve will move away from its usual 25 basis point hikes and instead work quickly to tame inflation that is at its highest rate in over four decades.

In its March meeting, the Federal Reserve approved a 25 basis point move, though, in recent days, officials have stated that faster action is necessary, with consumer inflation running at an annual pace of 8.5%.

“Our goal is to use our tools to get demand and supply back in synch, so that inflation moves down and does so without a slowdown that amounts to a recession,” Powell commented. “I don’t think you’ll hear anyone at the Fed say that that’s going to be straightforward or easy. It’s going to be very challenging. We’re going to do our best to accomplish that.”

“It’s absolutely essential to restore price stability [...] Economies don’t work without price stability.”