Speaking at a European Central Bank forum, Powell said it's important to arrest long-term inflation expectations so that they don't become entrenched and create a self-fulfilling cycle.
"We're strongly committed to using our tools to get inflation to come down. The way to do that is to slow down growth, ideally keeping it positive," he said."Is there a risk that would go too far? Certainly, there's a risk. I wouldn't agree that it's the biggest risk to the economy. The bigger mistake to make ... would be to fail to restore price stability."
Market participants on Thursday will monitor a fresh batch of economic data. Initial jobless claims for the week ending June 18, personal income figures for May and consumer spending data for May will be released at 8:30 a.m. ET.
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