Read this to understand what Fed Chair Powell said today | CNN Business

When Federal Reserve Chair Jerome Powell talks, markets listen. But you may not. But what Powell says matters a lot. He have power over your bank account, employment situation and more. *Enter CNN’s economy explainer reporter* Powell’s press conference Wednesday was filled with phrases the average reader could benefit from understanding. But since this information isn’t, ahem, the most user-friendly, CNN took the liberty of explaining what it actually means and why it matters.

He said, “Since early last year, we’ve raised interest rates by a total of 5 percentage points in order to obtain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.” Sufficiently restrictive is another way of saying we want people to spend less money to help bring prices down. The Fed doesn’t want to restrict spending so much that it causes a recession.

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