The Fed chairman's remarks suggest the Fed is unlikely to reduce rates when it meets later this month.
The Fed chairman said more evidence is needed that inflation is nearing the central bank's 2% target.
“All this tightening will eventually slow the economy," he said.
There appear to be three main reasons for the economy's resilience in the face of elevated interest rates.
U.S. central bankers have raised the longer-run neutral rate as a central topic for policy discussion this year.
Various officials mentioned a willingness to tighten policy further if warranted.
The Fed governor said that further rate increases are “probably unnecessary.”
The Federal Reserve chairman said that he expects inflation will move lower on a monthly basis.
Some view the Federal Reserve's economic forecasting as outdated.
Federal Reserve Chair Jerome Powell pointed to the lack of additional progress made on inflation.
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